Peter's Blog

Peter Schiff: The Road to Debt Monetization Is Paved With Good Intentions

Jerome Powell testified on Capitol Hill last week. He said the central bank plans to hold the course on rate hikes and monetary tightening despite the global chaos caused by the Russian invasion of Ukraine. He also continued to dodge any responsibility for rampant inflation. In fact, he repeated a lie Ben Bernanke told in […]

Treasury Adds Another $94B in Short-Term Debt and $278B Overall

Debt issuance by the US Treasury has fallen since the binge in December when the Treasury had to replenish its “extraordinary measures” stockpiles (government employee retirement funds) after the end of the “debt ceiling” debate. Still, issuance remains relatively high. The Treasury added another $278 billion in debt during February. Similar to January, the Treasury […]

February was a Strong Jobs Report Across All Measures

February was another very strong jobs month with the economy adding an estimated 678,000 jobs vs an expected 400,000. The unemployment rate came in at 3.8%, down from 4%. Labor force participation also improved, rising from 62.2% to 62.3%. Both December and January numbers were revised upwards.

Less for More: SchiffGold Friday Gold Wrap March 4, 2022

You’re getting less for more every time you pull out your wallet. Inflation is chewing up the average person’s paycheck. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the real pain of inflation. He also talks about Jerome Powell’s testimony before Congress, the trajectory of monetary policy, the strength […]

Bank Run in Russia as People Try to Access Cash

As economic sanctions began to put a stranglehold on the Russian economy, long lines formed at banks and ATMs as everyday people tried to pull cash from their bank accounts. A Russian economy expert from the Foreign Policy Research Institute called it “a full-fledged bank run.”

Inflation Continues to Chew Up Your Paycheck

Inflation continues to chew up your paycheck. While consumer prices rose 0.7% in January, income from all sources, including wages, salaries, interest dividends, rental income, unemployment, Social Security, etc. was essentially flat. And when adjusted for inflation, real personal income fell by 0.5%.

Stagflation Warning: Atlanta Fed Cuts Q1 GDP Projection to Zero

On Tuesday, the Atlanta Fed cut its GDP estimate for the first quarter of 2022 to zero. Just a few days ago, the estimate was for 0.6% growth. That was down from 1.3% just a few days before that. This is not an encouraging trend.

Peter Schiff: Russia Is the New “Excuse Variant” for the Fed

The Russian invasion of Ukraine has completely changed the market dynamics. In his podcast, Peter talked about the impact the situation is having on the markets and the global economy. He also looked ahead, saying Russia can now serve as a convenient excuse for the Fed to back off its planned monetary tightening. Of course, […]

Demand for Gold in Tech Sector Rebounds After Lockdowns

Gold demand in the technology sector rebounded rapidly in 2021 after falling the prior year due to economic lockdowns and the pandemic. In 2021, tech sector gold demand grew by 9% to 330 tons with year-on-year growth in all four quarters, according to data from the World Gold Council. Tech demand in 2021 was about […]

Could Economic Warfare Backfire on the US?

Economic sanctions serve as a powerful foreign policy tool for the US government. But could this ultimately backfire on the US? Over the last several years, many countries have made a concerted effort to limit dependence on the US dollar. The economic warfare waged against Russia reveals exactly why.