Donald Trump was in Davos talking up the US economy in his typically hyperbolic terms. He called it “the greatest economy we’ve ever had in the history of our country.” To hear the president tell it, you would think that America is experiencing some kind of economic boom that has never been experienced by anybody in all of history. In his most recent podcast, Peter Schiff called this “nonsense.”
Donald Trump and Chinese Vice Premier Liu signed the Phase 1 trade deal on Wednesday. The mainstream was generally bullish on the news, but there was some underlying concern because the deal did not bring substantive tariff relief. Peter Schiff broke down the deal in his latest podcast, saying that despite all the hype, the deal was really much ado about nothing.
In his latest podcast, Peter talks about sudden silencing of the war drums, the risk that remains in the markets, the stealth bull market in gold, the risk of a socialist president, rampant economic illiteracy, inflation and more.
As Peter put it – what a difference 48 hours makes.
Gold surged above the $1,550 mark in the wake of a US airstrike that killed a prominent Iranian general and has hit levels not seen since 2010. Monday morning, gold was trading above $1,575. As Peter Schiff put it in his podcast Friday, the yellow metal is climbing a “wall of worry.”
On Friday, all the major stock markets finished the week at weekly highs in record territory. Positive data on personal income and spending helped push stocks higher to close out the week. Everybody keeps cheering the “strong economy,” but during his podcast Friday, Peter Schiff said the in truth, the US economy is the biggest bubble ever. And it’s being driven by the most reckless combination of monetary and fiscal policy in history.
We have a trade deal!
Or do we?
We still don’t have all of the details of the so-called phase 1 deal. From what we know, it appears to be rather limited in scope. The US offered to suspend some tariffs on Chinese goods and cut others up to 50% in exchange for Beijing buying more American farm goods and opening up to US financial firms.
During a recent podcast, Peter Schiff said one thing we know for sure: this isn’t the resolution to the trade war. He called it more of a “truce.”
Former Federal Reserve Chairman Paul Volcker passed away last week. Volker was appointed by President Jimmy Carter, but served most of his term under President Ronald Reagan. Volker was best-known for fighting inflation with interest rate hikes. At the peak, Volker pushed rates all the way to 20%.
Peter talked about Volcker in a recent podcast, noting that he was credited with slaying the inflation monster that today’s Fed seems happy to resurrect.
Friday’s employment report from the Labor Department far exceeded expectations. Mainstream analysts called the report “stellar.” Some pundits even called it the best jobs report in history. According to the Labor Department, the US economy added 266,000 jobs in November. Economists had projected an increase of around 187,000. The unemployment figure dropped to 3.5%.
Peter Schiff talked about it in his latest podcast. He called it a “Trumped-up” jobs report.
The Dow Jones was down over 280 points yesterday, marking the third straight day of declines. Sudden pessimism about a trade deal has tanked stocks. In his latest podcast, Peter Schiff talked about it.
Typically, December is a strong month for stocks with the so-called “Santa Claus rally.” Peter said maybe the Grinch is going to steal that rally this year.
Peter Schiff hit a number of subjects in his most recent podcast, including bitcoin, the stock market, wealth inequality, the Fed and the voting age. He also said we should be thankful for capitalism.