The Joe Biden administration got underway last week. The newly inaugurated issued a flurry of executive orders, many of them relating to the economy. In his podcast, Peter Schiff talked about the potential impact of these EOs. He said it looks like Americans voted for Joe Biden, but they ended up with Bernie Sanders.
Joe Biden was inaugurated on Jan. 20, becoming the 46th president of the United States. And as Peter Schiff put it in his podcast, he took the helm of a sinking ship.
President-elect Joe Biden unveiled his massive stimulus plan last week touted as the “American Rescue Plan.” In his podcast, Peter Schiff said it was more like throwing a drowning man an anchor.
Commodities are booming. A lot of people seem to think this is a sign of pending economic growth. But in his podcast, Peter Schiff said it’s really a sign of inflation.
Most of the investment world continues to focus on the stock market and they’re not really paying attention to what going on in the commodities markets. And as Peter put it, that’s going to have a big impact on what happens in the supermarket.
Somewhat lost in the chaos of the DC protests was the fact that Democrats won both Georgia Senate runoff races. That effectively gives the Democrats control of both houses of Congress. In his podcast, Peter Schiff made the case that Congress is the real threat to America, not the protesters who broke into the Capitol building.
The first trading day of 2021 was, as Peter Schiff put it, “atypical.”
In his first podcast of 2021, Peter analyzed the unusual day on Wall Street and explored a significant question: are we beginning to see the decoupling in the global financial markets that he’s been predicting for years?
There aren’t many people sad to see 2020 in the rearview mirror. But there’s no guarantee that 2021 is going to be any better. In his podcast final podcast of 2020, Peter Schiff said that hopefully, the upcoming year will be better healthwise in terms of COVID-19, but economically, this could be the year the chickens come home to roost.
Not just the ones that we let out in 2020 but the ones we have been letting out for the years and years and years that preceded 2020.”
President Trump threw a wrench into coronavirus stimulus relief, calling the massive spending bill “a disgrace” and threatening to veto the legislation if Congress doesn’t go back and up the individual checks from $600 to $2,000.
It remains unclear how the politics will play out. House Speaker Nancy Pelosi tweeted “Let’s do it!” putting pressure on Sen. President Mitch McConnel to go along with the increased stimulus. What is pretty certain is stimulus is coming down the pike – whether sooner or later. Before Trump made his surprise remarks, Peter Schiff talked about the stimulus bill on his podcast.
The big story last week was the dollar’s slow meltdown. The dollar index broke below 90 for the first time since the spring of 2018.
The financial media hasn’t ignored the dollar weakness, but Peter said they don’t seem to grasp the significance of what’s going on, nor do they realize how much further the dollar has to fall. In fact, a lot of the talk has focused on the positives of dollar weakness. In his podcast, Peter argues this growing dollar weakness is not America’s win.
In its last meeting of 2020, the Federal Reserve made it clear the easy-money spigot will remain wide open into the foreseeable future. During his post-meeting press conference, Federal Reserve Chairman Jerome Powell seemed clueless about the ramifications of this policy – particularly the impact of inflation. Peter Schiff talked about the Fed meeting and Powell’s comments in his podcast, saying Powell’s ignorance won’t be bliss.