Dr. Joseph Salerno, Academic Vice President of the Mises Institute, recently gave a speech about the ever-growing “war on cash.” For decades, governments around the world have been expanding their efforts to prevent or discourage citizens from using cash. Salerno reviewed the history of this trend from the Bank Secrecy Act in 1970 to modern-day laws and regulations throughout Europe and individual states in America.
For the first time ever, renowned investment gurus Mike Maloney and Peter Schiff sat down to a frank discussion about the future of the American economy. Together, they analyzed detailed charts and data to show why an even bigger crash than the 2008 crisis is in the making.
Later, Peter and Mike had a private conversation about their investment strategies and 5-year outlook for gold. Click here to get access to that conversation.
This is just part one of a series we’ve produced from this valuable discussion. Videos on new topics will be released weekly for the rest of the month.
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Greg Hunter spoke with Peter Schiff on USAWatchdog over the weekend. Peter shared his thoughts on the first-quarter GDP figure and the future of the US dollar. Peter warned that the coming crisis is going to be worse than the last, because the boom is even bigger. However, this boom has only benefited the Wall Street elite. 25% of Americans spend more than half their income on housing, and the basic costs of living continue to rise, no matter what the government claims. Unfortunately, things are only going to get worse when the dollar collapses. Peter recommends investing in foreign countries that have more economic freedom, as well as saving a portion of your wealth in physical gold and silver.
Austria Repatriating Some Gold from Britain
Reuters – Austrian central bank officials say they plan to repatriate some of its gold reserves from Great Britain in response to criticism that it stores too much of its precious metal abroad. The Austrian National Bank administers the country’s 280 metric tons of gold reserves. Currently, about 80% is stored in Britain. Bank officials say they plan to decrease that to around 30%, with 50% of the reserves kept in Austria. The country also stores gold in Switzerland. This repatriation is part of a larger European trend beginning with Germany, which brought home 120 tons of gold from New York and Paris in 2014.
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Gold Smuggling in India at All-Time High
Times of India – Gold smuggling hit an all-time high in India this year, with police and revenue agencies seizing more than 3,500 kg of gold in 2014-15. In 2012-13, agents only seized 350 kg gold. It’s generally thought that seizures represent less than 10% of actual smuggling. Officials say in the two years since the duty on gold was upped to 10%, smuggling has increased by 900%. Seizures in Nepal also doubled with the Indian duty increase, as smugglers pushed gold from Dubai, Thailand and China into Nepal to be brought to India as authorities monitored more traditional routes.
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CNBC spoke with Peter Schiff last night about his expectations for today’s first quarter GDP announcement. They went on to discuss why no matter what the GDP is, the Federal Reserve will be unable to significantly raise interest rates this year. In a second segment, they spoke about the growth of China’s economy. Peter argues that long-term investors should be bailing on the US and buying into the budding Asian market.
Follow along with full transcripts of both videos below.
Just as Peter Schiff has been predicting, first-quarter GDP in the United States was revised dramatically lower today. The Commerce department previously estimated that US economic output rose 0.2% in the first quarter of 2015, but it is now reporting a seasonally adjusted rate of negative 0.7%.
Peter has anticipated this downward revision since the beginning of the second quarter.
The Federal Reserve and mainstream economists have recently put a lot of effort into discounting the first-quarter GDP figures. In his latest commentary from Euro Pacific Capital, Peter Schiff walks us through the supposed logic of seasonally-adjusted economic data and why the government feels the need to revise the way it looks at decades of past GDP statistics.
Why do we really need seasonal adjustments in the first place? Yes December is different from July, but those differences persist every year… I believe the truth is the system is getting more complex because we want it that way. We prefer the ability to manipulate figures rather than allowing the figures to tell us things that we don’t want to hear.”
Jay Taylor spoke with Axel Merk about the gold market and mismanagement of global economies by central banks. Merk believes that the United States, Europe, and Japan cannot afford to raise real interest rates. So even if the Federal Reserve delivers a nominal interest rate hike later this year, effective real rates will remain near zero. He expects this to stay the same for at least the next decade, which is very bullish for precious metals and gold.
A lot of mainstream analysts will tell you that hyperinflation and currency collapse can’t happen today in an established economy, and they discount warnings about the dollar’s future by people like Peter Schiff.
But one only needs to look to the south to see that it not only could happen, it is.
Venezuela was once the premier South American economy and enjoyed the highest standard of living in Latin America. But mismanagement and socialist policies drove the once prospering economy into the ground. Today, Venezuelans face rampant inflation, with the bolivar now practically worthless.
The Associated Press called it “economic chaos.”
Deirdre Bolton of Fox Business’ Risk and Reward asked Peter Schiff about the alternative investments he recommends for protecting yourself from a crash in US stocks. They discussed foreign markets and gold investment, and Peter laid out his forecast for what the Federal Reserve will do next. She smiled and called his prediction of more quantitative easing and ongoing zero-percent interest rates leading to a collapse of stocks and the US dollar “way out there.”
