Peter Schiff spent an hour and a half answering questions during a live chat on Instagram.
The August jobs numbers came in much lower than expected, a kick in the teeth for those touting the “improving economy” narrative. Meanwhile, personal incomes continue to grow but rising prices are eating up that growth and then some.
The economic data suggest the Fed’s plan is failing and stagflation looms on the horizon.
During his Jackson Hole speech, Federal Reserve Chairman Jerome Powell rewrote the history of inflation. In this clip from his podcast, Peter Schiff unravels the yarn that Powell spun.
In a nutshell, Powell claimed prior Fed policymakers mistakenly moved too fast to address inflation that turned out to be transitory, and he said he didn’t want to make the same mistake.
The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks.
Peter Schiff recently appeared on RT Boom Bust to talk about Fed monetary policy and the possibility of a taper. He said even if the Fed does slow asset purchases, the taper won’t last long. Ultimately, the Fed will expand QE.
The CFTC Commitment of Traders (COTs) report is released once a week and shows a breakdown of open interest by trader category. The CFTC breaks down open interest by:
- Managed Money (e.g. Hedge Funds)
- Producers (e.g. gold mining companies)
- Swaps (e.g. banks)
- Non-Reportable
- Other
The Labor Department released its August jobs report on Friday. To say the numbers were disappointing would be an understatement.
According to the report, there was an increase of only 235k jobs, well below the estimated 720k. That’s a miss of nearly 500k jobs.
Labor day is a weird holiday. We celebrate working people by — not working.
If labor is so great, shouldn’t we celebrate by doing more of it?
Federal Reserve Chairman Jerome Powell spent most of his Jackson Hole speech continuing to try to convince everybody that inflation is transitory. As Friday Gold Wrap podcast host Mike Maharrey points out in this episode, whether it is or isn’t transitory, inflation is a real thing that has a real impact on real people. In this show, he also breaks the news on the August jobs numbers and discusses taper talk.
The month-on-month trade deficit fell in July but remains far larger than it was a year ago. And the Trailing Twelve Month figure hit a new record.
