Peter Schiff

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Why is bad news on $SNAP earnings a surprise? I've been warning for some time that all those internet companies that depend on advertising for revenue are in a lot of trouble. All those companies depend on the same advertisers, that in turn depend on the same broke customer base.
High #inflation is only bad for #gold if investors believe that tight money will successfully reduce it to 2%. Once investors realize high inflation is permanent, gold will skyrocket. The #Fed will view permanently high inflation as an acceptable trade-off to a worse alternative.
What if instead of solving the #inflation problem, a #recession actually makes the inflation problem worse? Few realize that historically the greatest inflations have occurred in weak economies, not strong. Recessions reduce supply as fiscal and monetary stimulus increase demand.
The fall in long-term bond yields shows investors still don't get what's happening. They get the economy being in #recession, but they don't get that a recession means even higher #inflation. A recession will cause larger budget deficits, a weaker dollar, and more money printing.
Given how weak the July numbers already are, the decline in Q3 #GDP is likely to be greater than the drop during the first two quarters of the current #recession. If the #Fed doesn't reverse on rates and return to QE by year-end, the decline in Q4 GDP will be ever larger than Q3.
The U.S. July PMI Composite Index crashed to 47.5 from 52.3 in June. Worse the Services Index sank to 47, from 52.7 in June. The expectation was for a slight decline to 52.3. Below 50 means #recession. Maybe this is the piano that needed to fall on the heads of recession deniers.
The Fed's balance sheet expanded for the 2nd week in a row. The #Fed is back peddling on QT, and soon the process will reverse after barely getting started. With the economy in #recession and annual budget deficits over $2 trillion, the Fed will resume QE to suppress bond yields.
Swedish Rent Control Exposes the Problem With Government Price Controls @SchiffGold…
🔴 Unwarranted Optimism Lifts Stocks, Pressures Gold - Ep……7
Today's 50 basis point rate hike by the #ECB, the first hike in 11 years, will be the first of many hikes to come. It will be many years before Eurozone #inflation returns to 2% and the ECB will end up raising interest rates much higher than anyone expects to achieve that result.
First-time #unemployment claims rose again last week, climbing 7K to 251K, the highest level in 8 months. The pace of layoffs will accelerate as the #recession deepens. The July Philly #Fed unexpectedly plunged to -12.3. The economy is getting weaker as #inflation gets stronger.
Now in Effect: Virginia Law Expands and Extends Sales Tax Exemption on Gold and Silver @SchiffGold…
🔴 Unwarranted Optimism Lifts Stocks, Pressures Gold - Ep…5 If you don't want to wait until tomorrow to listen to today's podcast join me on…5
Ron Paul: Everybody Is Feeling Inflation Pain, Even Penguins @SchiffGold…
Now Inflation Is the Millennials Fault! Or Is It? @SchiffGold…
The Atlanta Fed lowered its Q2 #GDP forecast again. It now stands at -1.6%, matching the reading from Q1. It's amazing how so many analysis still don't have a #recession in their 2022 or even 2023 economic forecasts when it's likely the economy has spent all of 2022 in recession.
Ukraine Sells Billions in Gold to Raise Cash to Buy Goods @SchiffGold…
Does the Jump in Retail Sales Mean the Economy Is OK? @SchiffGold…
Producer Prices Close to Record Levels in June @SchiffGold…
There's no way to bring #inflation down without a severe #recession and a financial crisis. Laffer is correct that we need much higher interest rates. But that will prick America's bubble economy. We can't afford tax cuts. What must be cut are regulations and government spending.
Art Laffer still doesn't get it. He thinks #inflation can easily be cured without a #recession by letting interest rates rise above the inflation rate and cutting taxes. Rates that high would not only cause a massive recession, but a financial crises. Tax cuts increase deficits.
The Atlanta Fed lowered its Q2 GDP forecast to -1.5%, following -1.6% in Q1. So the super strong U.S. economy, impervious to rate hikes, has been in recession all year. If the economy is already in #recession with interest rates below 2%, what happens after a few more rate hikes?
Export prices rose .7% in June and 18.2% YoY. 18.2% is a far more accurate measure of the true U.S. #inflation rate then is the 9.1% YoY rise in the #CPI. That's because while the CPI is highly manipulated, export prices honestly reflect the cost of domestically produced goods.
Another Hot CPI Read Backs the Fed Deeper into a Corner @SchiffGold…
🔴 Official Inflation Hits Another New High - Ep…d If you don't want to wait until tomorrow to listen to today's podcast join me on…d
Pres. @JoeBiden said #inflation is our most pressing economic challenge and that tackling inflation is his top priority. If so why is his administration still stimulating the economy with close to $2 trillion in deficit spending? Where's his contractionary fiscal policy response?
I wonder if an official #inflation rate of 20% will cause markets to price in a 200 basis point rate hike. The problem is that with each tiny rate hike the #Fed finds itself even further behind the inflation curve, especially as higher interest costs work their way into the #CPI.
To get a 9.1% YoY #inflation rate the government is pretending that shelter costs are up just 5.6% YoY. That represents 1/3 of the #CPI. But rents and home prices are up 18% YoY. Plus, if you buy a house, with higher prices and mortgage rates, monthly payments are up over 50%.
What if instead of talking about 9.1% #inflation, the media acknowledged the true rate of inflation of about 18%? American workers are experiencing unprecedented declines in their real incomes, which is why record numbers have been forced to work multiple jobs to make ends meet.
Imagine how much higher consumer prices would be without the strong #dollar, which keeps a lid on import prices. But the dollar is only strong as traders think higher rates will kill #inflation. When they kill the #economy instead, the dollar will tank and inflation will explode.
May #CPI up 1.3%, 9.1% YoY, highest since 1981. Real #inflation 18%, highest ever. When will markets figure out that tiny rate hikes put upward pressure on prices. Until we get massive QT, and large cuts in government spending and middle class tax hikes, inflation will get worse!
Air Is Hissing Out of the Housing Bubble at an Accelerating Pace @SchiffGold…
American Consumers Added to Record Debt Level in May @SchiffGold…
Peter Schiff: This Won’t Be a Short Shallow Recession @SchiffGold…
🔴 A Surge in Moonlighting Evidences Weakness Not Strength - Ep……N
On Friday the Atlanta #Fed lowered its Q2 #GDP forecast again. It now stands at -1.2%. So, as #Powell and @POTUS continue to boast about the strong U.S. economy, the numbers indicate it's already in a worsening #recession. The bad news is this Great Recession is just beginning.
🔴 A Surge in Moonlighting Evidences Weakness Not Strength - Ep…m If you don't want to wait until tomorrow to listen to today's podcast join me on…m
I contributed $7 million in capital over the past two years, most of which was lost due to the false allegations of money laundering and tax evasion by the Australian media. That's why the only viable path forward was to sell the bank so it could be rebranded under new ownership.
My bank was not put into receivership for being insolvent. It was put there for being under-capitalized, not having no capital. My bank has about $2 million in capital, no debt, no loans, and enough cash to repay all depositors in full. The buyer was to add $7 million in capital.
It looks like I was right all along. @elonmusk never intended to buy #Twitter. He's much to smart to do that. He was bluffing the entire time.…
I am committed to working with the Puerto Rico banking Commissioner to resolve the capital issues with my bank for the best interest of all the bank's customers. Click the Schiff Radio link to read my full statement.…
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