Peter Schiff appeared on Fox Business yesterday, warning that whether they know it or not, many Americans own Puerto Rican bonds in their retirement portfolios. If Puerto Rico were to default on its debt, the fallout would have a much bigger effect on average Americans than Greece leaving the eurozone. More importantly, Peter believes Puerto Rico provides a peek into the future of the United States:
The reality is Puerto Rico is in better fiscal shape than the United States. They have a lower debt-to-GDP than we do. The only difference is, investors aren’t worried yet because the Fed is monetizing all of our debt. If we had a QE program for Puerto Rico, they wouldn’t have a problem either…”
Last night, Peter Schiff told CNBC how he expects the Greek financial crisis to affect United States markets. Peter thinks that the Federal Reserve will come in with another round of quantitative easing to prevent the dollar from rising too much against a struggling euro. Instead, he believes the Puerto Rican debt crisis presents a bigger problem to the US, because it could add significant risk to the municipal bond market and perhaps even breed a greater distrust of Treasuries.
In this final part of their video series, Peter Schiff and Mike Maloney discuss why gold is the ultimate hedge against the government’s irresponsible monetary policies. Neither Mike nor Peter like to predict a final price for gold. However, they agree that given the history of paper money systems, gold will be heading much higher when priced in US dollars. How much higher? Find out in their full, 5-year gold forecast.
View part one: Peter Schiff & Mike Maloney’s First Face-to-Face Discussion
Part two: Is Gold Heading to $13000?
Part three: Saving Your Retirement Nest Egg from the Next Market Crash
Part four: The Inflation/Deflation Debate
This post was submitted by Addison Quale, SchiffGold Precious Metals Specialist. Any views expressed are his own and do not necessarily reflect the views of Peter Schiff or SchiffGold.
You know, it’s funny. When someone is known to have a valuable treasure, everyone around them surely covets it. In fact, if it’s really really valuable, many would try to get their hands on it, perhaps by offering to trade for it, or even by trying to steal it outright. But as long as the owner knows the true value of their treasure, they’re not likely to let it go easily.
But therein lies the key to getting at that treasure. What if you were able to convince the owner that their treasure really wasn’t that valuable? What if you could trick them into thinking it was worthless, run of the mill, and just a beat up old piece of junk? What if you slowly deceived them into thinking their treasure was just a “barbarous relic”?
Perhaps you already know where I am going with this and have seen Mark Dice’s recent video of trying (and failing) to give away a 10-ounce silver bar on the streets of Encinitas, CA. Americans have been tricked into believing precious metals are not valuable.
In yesterday’s podcast, Peter Schiff reviews the latest news from the Greek debt drama, as well as the most recent economic data in the United States. Peter argues that the best thing for Greece’s economy would be to leave the eurozone and give up its dependence on cheap money from the European member nations. However, he knows the politicians don’t have the will to do this. So it won’t be a Grexit that ultimately exposes the devastating effects of modern central banking, but rather a crisis in the United States.
What is coming next to the United States – massive deflation or inflation? Peter Schiff & Mike Maloney have different opinions on this economic question, though they both agree that the US dollar’s days are numbered. In part four of their one-on-one conversation, Peter and Mike debate what will happen to the US economy in the more immediate future.
View part one: Peter Schiff & Mike Maloney’s First Face-to-Face Discussion
Part two: Is Gold Heading to $13000?
Part three: Saving Your Retirement Nest Egg from the Next Market Crash
This is part four of a series we’ve produced from this valuable discussion. Videos on new topics will be released weekly for the rest of the month.
Want to be the first to see them?
Click Here to Subscribe to Peter Schiff’s Gold News
Janet Yellen held a press conference yesterday after the Federal Open Market Committee’s June meeting. Peter Schiff cuts through the doublespeak to focus on the real message behind Yellen’s official statements.
In his latest podcast, Peter Schiff reviews a statement from Bank of America warning that the Federal Reserve could forgo a rate hike and start up a new round of quantitative easing.
While most are focused on the risks around a withdrawal of liquidity, we believe the biggest hit to confidence could be the opposite: if another round of US QE is necessary to prop up the economy… QE fatigue is already evident: each subsequent round of QE has seen diminishing risk rallies. Another round of QE would imply that $4.5tn was not enough. And it would also likely have a very negative read-through for QE programs currently underway in Europe and Japan.”
With even more poor economic news in the past week, it’s no wonder that some mainstream analysts are waking up to the possibility that Peter has been forecasting for months. Peter reviews that poor data in the second half of this episode.
In part three of their video series, Mike Maloney and Peter Schiff explain why more and more Americans will have to continue working into old age or forgo retirement entirely. They discuss how the United States has become complacent as a global economic superpower, and warn about the devastating effects this complacency will have on future generations.
View part one of their conversation here.
View part two of their conversation here.
Learn Peter & Mike’s strategies for protecting your retirement wealth here.
This is part three of a series we’ve produced from this valuable discussion. Videos on new topics will be released weekly for the rest of the month.
Want to be the first to see them?
Click Here to Subscribe to Peter Schiff’s Gold News
In a new written commentary for Euro Pacific Capital, Peter Schiff examines a recent CNBC interview with Larry Lindsey, a former Federal Reserve Governor and White House Chief Economist. Peter points out that Lindsey is one of the few government economists whose forecasts approached reality, and Peter commends him for urging the Fed to raise interest rates.
However, Peter doesn’t think Lindsey goes far enough in his warning. Watch Lindsey’s interview below, then read Peter’s commentary.
The Bunch Bowl Stays
By Peter Schiff
It is well known that I don’t think much of the ability of government officials to correctly forecast much of anything.
