Peter Schiff lays out for RT the future he sees for both Greece and China. As China abandons its communist past, he sees the Eastern country continuing to grow as an economy and world trade partner. Meanwhile, Greece’s debt crisis and basically socialist leadership is a stark reminder of the problems facing the West.
In his most recent podcast, Peter Schiff exposes the latest economic hijinks of Washington and Wall Street. The Federal Reserve wants to re-adjust the first quarter GDP to make it look better, while Walmart absurdly blames its terrible earnings on a strong dollar. Meanwhile, Los Angeles becomes the biggest city in the country to dig its own economic grave by passing a $15 an hour minimum wage law.
CNBC’s Trading Nation asked Peter Schiff if he thinks minimum wage hikes in cities like Los Angeles will trigger higher inflation and therefore a rate hike from the Federal Reserve. Peter warned that on the contrary, creating inflation is the business of the Fed, and he expects it to launch another round of quantitative easing before it significantly raises rates.
In his latest Liberty Report, Ron Paul discusses the escalating “War on Cash” with Daniel McAdams. First, they looked at how many more dollars are in circulation today compared to pre-1971, when Nixon closed the gold window. The Federal government, Paul argues, wants to exercise more control over this untraceable cash under the auspices of catching tax cheats and criminals. Unfortunately, it’s the poor who will be most adversely affected by stricter limitations on cash.
Peter Schiff spoke with Palisade Radio last weekend about his strategy for contrarian investing. While the principles are simple, the trick is having the courage of your convictions to bet against the consensus. Peter believes the current consensus is that the US economy is recovering with a strong dollar. He thinks that party is going to end soon and that the US will have a full-blown currency crisis within the next couple years. He recommends investing in the precious metals sector, oil, and fundamentally sound overseas companies.
Gold hit a three-month high on Monday, driven by fears over Greece’s ability to pay debts and soft economic data in the US.
The price of gold peaked at $1,232.20 Monday, before sliding a bit on Tuesday. CNBC reports a sharp rise in the euro and indications the European Central Bank may speed its 1 trillion euro ($1.12 trillion) bond-buying program stalled gold’s five-day rally Tuesday. Uncertainty about what the Federal Reserve will do regarding interest rates in its meeting Monday also weighed on the market.
But the long term trends that sparked the climb in gold prices over the last week remain firmly entrenched.
USAWatchdog interviewed Hugo Salinas Price, a well-known and highly successful businessman operating in Mexico. Born in the United States, Price is now a passionate advocate for sound money and has been pushing for the Mexican government to adopt monetary silver again. Unfortunately, he sees far too much political pressure against sound money, particularly from the United States. But this shouldn’t stop savers from stockpiling their wealth in real money: gold and silver.
Peter Schiff digs under the surface of the latest economic data. As usual, Wall Street locked onto the headline number last week, which showed the lowest weekly jobless claims in 42 years. Peter asks the question no one else will — is this really the strongest economy America has seen in four decades?
The war on cash continues to heat up with a proposed law in Denmark that would open the door to what Jim Leaviss called “the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished,” in a recent Telegraph column.
Last month, we reported on the reasons central banks would love to do away with cash. In a nutshell, these central planners believe they can more effectively manipulate the economy in a cashless society.
The proposed Danish law would take a step in that direction, allowing shops to refuse cash and require some form of electronic payment. Policymakers claim the law would “ease administrative and financial burdens,” but Leaviss gleefully sees it as part of a much bigger picture.
The April non-farm payroll report has been called the “Goldilocks” report, because it apparently provided just the right data markets wanted to see. A better-than-expected job creation number “proved” that the US economy continues to recover. However, the report was not strong enough to spur the Federal Reserve to raise interest rates sooner, which could spook Wall Street.
Yet the rosy mainstream sentiment completely ignores the underlying facts of the report, which Peter Schiff lays out in his latest written commentary for Euro Pacific Capital.
The biggest shock should have been the downward revision of the already weak March numbers, which most people had expected would be revised upwards. Instead, 41,000 jobs were cut from March, leaving only 85,000 hires for the month, making it the worst month in job creation in three years.
