The United Auto Workers went on strike against the Big Three US automakers in Detroit last week. Peter Schiff went on Real America with Dan Ball to talk about the strike and how it might impact the US economy.
Peter put the strike in the context of the current inflationary and high interest rate environment, and talked about how it might impact the broader US economy.
After the August CPI report showed price inflation heating up again thanks to rising gasoline prices, Peter Schiff appeared with Jesse Kelly on First TV to answer the question: where are we heading? Peter said this story is going to have a tragic ending.
The economy is in a slow burn. You can’t even see the flames. But you can smell whiffs of smoke every now and then if you’re paying attention. In this episode of the Friday Gold Wrap, host Mike Maharrey calls attention to that smoke with a breakdown of August’s CPI and some other data that came out this week. He also busts a myth about silver.
The federal government charted a surprising budget surplus in August.
But don’t be fooled. The feds didn’t miraculously fix their deficit problem.
The Biden administration continued to spend money at an unsustainable pace last month. The surplus was merely a function of the reversal of student loan forgiveness.
Most people think everything is fine. The Fed is getting inflation under control and soon they’ll be able to cut interest rates, keeping the economy from falling into a deep recession. In his podcast, Peter Schiff poured cold water on this narrative. He explains why the Fed won’t be able to repeat the magic it pulled off after the financial crisis and COVID.
Peter Schiff recently appeared on Fox Digital and poured a bucket of cold water on those who believe the Federal Reserve is winning the inflation fight. In fact, the Fed isn’t making any progress at all.
The financial crisis precipitated by rising interest rates continues to bubble under the surface.
Earlier this month, Moody’s cut the credit rating of 10 small and midsize banks. It also placed six large banks on review for potential downgrades and revised 11 more banks from a stable outlook to a negative outlook.
This week, S&P Global followed Moody’s lead and downgraded the credit ratings of five banks. It also lowered the outlook for several others
In another sign the financial crisis continues to bubble under the surface, banks borrowed an additional $3.7 billion from the Federal Reserve’s bank bailout program in July.
Currently, there are $106.9 billion in outstanding loans in the Bank Term Funding Program (BTFP).
The Consumer Price Index (CPI) data for July came out last week. Even though the headline number ticked up slightly compared to June, most mainstream analysts took it as a sign that the Federal Reserve made more progress in its inflation fight. In fact, most mainstream pundits seem convinced that the Fed is on the verge of winning that fight and pushing CPI back to its 2% target. In his podcast, Peter said they are wrong.
Credit cards are great until the bill comes due. And the US economy has about maxed out the plastic. The Federal Reserve incentivized borrowing and the economy is buried under trillions of dollars in debt. As Friday Gold Wrap host Mike Maharrey explains in this episode, the bill is about to come due. He also goes over the July CPI data and digs into some of the ramifications.
