June 29, 2012

The Schiff Report: ObamaCare is Unconstitutional



Two wrongs do not make a right. The fine for not buying health insurance is not a tax, its a penalty. And even if it is a tax, its unconstitutional anyway, as its a direct tax that must be apportioned. The Supreme Court is wrong twice.

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 28, 2012

Radio Show: Food Stamps Advertising




The Peter Schiff Show (6/27/2012)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 27, 2012

Fox Business Video: Market Sell-Off



Latest video interview, Fox Business.

Related ETFs: United States Oil Fund (USO), SPDR S&P 500 ETF (SPY);

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 26, 2012

There Is No Short-Term Fix Anymore

There is no short-term fix anymore, because we’ve been doing these short-term fixes for a along time. We got a little extra rope from this European crisis. Something is going to happen in Europe, because this cannot go on indefinitely. And the numbers are just so big for the United States...interest rates have got to rise, or the Fed is going to have to print so much money to keep them from rising that inflation is going to flare up in a way that government numbers can’t hide it anymore.  - in ETF Daily News


Related: SPDR S&P 500 Index ETF (SPY)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

Why We Don’t Want To Allow A Real Recovery

We don’t want to allow a real recovery, because that means real bitter-tasting medicine needs to be swallowed. - in ETF Daily News


Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 24, 2012

Economics 101

Preserving a broken system merely to avoid the pain necessary to fix it only makes the situation worse. Propping up sectors that should be contracting prevents resources from flowing to other sectors that should be expanding. - excerpt from Damn The Torpedoes 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 23, 2012

We Need To Let Interest Rates Rise To Market Levels

We need to let interest rates rise to market levels, and allow the economy to restructure without government interference. - in Market Playground

Related: US 10 Year Treasuries, iShares Barclays 20+ Yearr Treasuries Bond ETF (TLT)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 22, 2012

Consuming Versus Producing

We have too many shopping malls selling stuff, but not enough factories making stuff. - in MP 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 21, 2012

Economists And Politicians Never Look At The Long Term

Once economies stop throwing good money after bad, capital is freed up to flow into more economically viable purposes. But economists and politicians never look at the long term. Their job seems to be to manage the economy for the next election. - excerpt from the Damn the Torpedoes

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 20, 2012

Government Programs Don't Solve Problems

"Government programs don't solve problems, they just create new ones." - in MoneyNews 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 19, 2012

Video: Fox Business Interview


Latest video interview on Fox Business News.

Related: SPDR Gold Trust ETF (GLD), US Dollar, US Treasuries, European Crisis;

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

Critics Of The Free Market Argue That Investors Will Ignore The Needs Of The Poor

Critics of the free market argue that investors will ignore the needs of the poor. But Wal-Mart (NYSE:WMT) became stunningly successful by specifically targeting low to moderate income consumers. This success came without government guarantees or incentives. - excerpt from Out Of Order

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 18, 2012

Greece’s Entrance Into The Eurozone Back In 2001 Was Not A Good Idea

Given what most economists now know, few would actively argue that Greece’s entrance into the Eurozone back in 2001 was a good idea. In fact most concede it was a terrible idea based on bad forecasting and outright fraud.

There is little disagreement over the fact that Greece grossly misrepresented its financial position in order to gain initial entry into the monetary union. It is also widely agreed upon that in the ensuing decade Greece exploited its monetary advantages to borrow irresponsibly. - in Market Playground 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

The Problem Is That Interest Rates Are Too Low

In America, the problem is that interest rates are too low. They have to go up. We can’t have an economy with interest rates at zero. If the Fed lets interest rates go up, we have to realize that we will have a deeper recession, we have to realize that banks are going to fail. - in MoneyNews

Related ETFs: iShares Barclays 20+ Year Treasury Bond ETF (TLT), ProShares UltraShort 20+ Year Treasuries ETF (TBT)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

All This Quantitative Easing Is Toxic

The reason we are so screwed up is all this quantitative easing is toxic. I don’t doubt that we are going to pressure Germany into printing. We are like the kid who is trying to get a friend to ditch school with us to go to the beach. We are a bad influence on everybody.” - in MoneyNews 


Related: SPDR Gold Trust (ETF), IShares Silver Trust (ETF);

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 16, 2012

Credit Is A Limited Commodity

Credit in the United States is a limited commodity. Money loaned for one purpose is then unavailable for other purposes. Through its effort to take the risks out of home lending, the FHA has directed more credit into the real estate market than would have otherwise been the case. That means these funds are not available for other enterprises which may have put the capital to work in areas that may be more needed in the economy.

I tried to convince the congressmen that siphoning even more money into the housing market is not the answer. They may not have listened, but I hope they got the sense that the political winds are blowing hard on their front door. - in LR 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 15, 2012

Most Americans Should Be Renters And Not Owners

I have absolutely no objection to the idea that a healthy rental housing market is needed. However, I believe that market forces are sufficient by themselves to create it.

The average American family now only has $7,000 worth of savings, which would not be nearly enough to afford a 20 percent down payment on the average American house. This means that most Americans should be renters and not owners. - excerpt from What Is Money?

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 14, 2012

Schiff Radio: Interviewing Rand Paul



Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 13, 2012

Video: Peter Schiff with Al Korelin



Latest video interview, with Al Korelin.

Topics: Schiff`s new book - The Real Crash, 2012 US Elections, US Economy


Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

We Need To Let Interest Rates Rise To Market Levels

We need to let interest rates rise to market levels, and allow the economy to restructure without government interference. We need to stop beating a dead horse and hitch our wagon to an animal that can really pull.

The process will be painful for many, but like ripping off a band-aid, the pain will be over relatively quickly. However, since a painful restructuring means recession, politicians resist the cure with every fiber of their beings.

So instead of a genuine recovery, one that will provide productive jobs and rising living standards, we get a phony recovery that produces neither. - in MarketPlayground


Related: iShares Barclays 20+ Yr Treas Bond ETF (TLT), ProShares UltraShort 20+ Year Treasuries (ETF), SPDR S&P 500 ETF (SPY)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 12, 2012

We Have Too Many Shopping Malls Selling Stuff, But Not Enough Factories Making Stuff

We have too many shopping malls selling stuff, but not enough factories making stuff. We have too many kids in college studying liberal arts, and not enough in the workforce acquiring skills that will actually increase their productivity.

Banks are loaning too much money to individuals to buy houses, and not enough money to entrepreneurs to buy equipment. We have too many tax-takers riding in the wagon, and not enough taxpayers pulling it. The list is long, but the solutions are short. - in MarketPlayground

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 11, 2012

Video: Fraser Institute Policy Briefing



Peter Schiff, CEO and chief global strategist at Euro Pacific Capital, explains why Washington's Keynesian approach to stimulating the economy has led to more overspending and excessive debt levels, during a Fraser Institute policy briefing on June 5 in Vancouver.

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

One Of The Greatest Inventions Ever

The point is that money arises naturally in society, as a way of aiding in voluntary economic transactions. It was one of the greatest inventions ever. Money not only made it easier for people to buy what they wanted, it also made saving much more possible – you could accumulate excess money to spend at a later point. - in Resource Investor 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 8, 2012

In Countless Ways, Money Improves Society

The point is that money arises naturally in society, as a way of aiding in voluntary economic transactions. It was one of the greatest inventions ever. Money not only made it easier for people to buy what they wanted, it also made saving much more possible - you could accumulate excess money to spend at a later point. While saving is frowned upon by the elites today, it's an essential element in economic progress. By making it easier for people to save, money did two crucial things.

First, it inspired more industriousness: there was now incentive to work harder to earn more in a day than you could spend in a day. Second, savings enabled ambitious entrepreneurs to make big capital investments: labor-saving machines, warehouses, transportation.

If the saver didn't have any big plans in mind for his money, he could still make it productive by lending it out. Finance was nearly impossible without money. Sure, you could give your neighbor a pig this year in exchange for a pig and a chicken next year, but there would be a lot more opportunity for squabbling ("this pig isn't as healthy as the pig I gave you last year").

With a commodity money, where there is little or no deviation in quality, and using universal, objective measures, like weight, you can lend with the confidence that what you get back will be of the same quality as what you loaned out. Money also made specialization more practical. If you were really good at one thing - manufacturing nails (to borrow Adam Smith's famous example) - you could make a living just by making nails.

Without money, someone who spent his whole day making nails would have to find (a) someone with excess food who wanted nails, (b) someone with excess shelter who wanted nails, (c) someone with clothes to spare who also wanted nails at that moment, and so on. Once money is introduced, the nail seller only needs to find (a) people with money who want nails, and (b) different people with everything the nail seller needs who want money. Facilitating specialization creates efficiencies, as folks get to divide up labor according to skill and interest. In countless ways, money improves society. - in GoldSeek

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 7, 2012

There Is No Way To Justify Record Low Interest Rates In This Country Given Our Atrocious Fiscal Position

Eventually more people will figure out just how precarious America’s fiscal position truly remains. That’s when interest rates will finally rise in the U.S. There is no way to justify record low interest rates in this country given our atrocious fiscal position. I believe interest rates here should approach levels comparable to the more indebted European countries. - in Market Playground

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

US Treasuries Will Turn Out To Be The Facebook Of Safe Havens

I believe that treasuries will turn out to be the Facebook (FB) of safe havens.

Related: Facebook (FB), ProShares UltraShort 20+ Year Treasuries ETF (TBT)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

Economic Weakness

Many people became convinced that data releases earlier this year indicated that “recovery” in the U.S. was imminent. But as I have been saying for months, this evidence would ultimately be shown to be as reliable as sightings of Bigfoot. Lots of people claim to say they have seen it, some even produce plaster footprints, but in the end all we have is a guy in an ape suit.

The economic recovery, that has been discussed so loudly and often in recent months, will be shown to be similarly mythical. A torrent of recent economic data now reveals weakness, and investors are beginning to take notice. Friday’s release of the May jobs report showed a paltry 69,000 jobs created during the month, far below consensus estimates. Not only did the current month disappoint, but the June numbers were also revised down by 49,000. This release follows yesterday’s downward revisions of first quarter GDP growth from 2.2% to 1.9%.

Also lost in the headlines was that the savings rate dropped to 3.4% in April, the lowest rate since December 2007. This shows that Americans may need to deplete their already meager savings just to keep their heads above water as the U.S. economy sinks back into recession.

Related: spdr sp 500 etf (SPY), ishares russell 2000 index (IWM), spdr dow jones industrials etf (DIA)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 6, 2012

It’s All Part Of An Ongoing Depression

I think it’s all part of an ongoing depression, where we have a series of recessions punctuated by artificial growth caused by stimulus. That’s really what is happening now—the stimulus is wearing off and the hangover is setting in.

And of course, the bigger the stimulus, the bigger the hangover. As the economy builds up a tolerance for stimulus, you need more and more of it to get any effect. We’ve had record doses of stimulus and we’ve barely had any kind of phony growth. - in a Schiff Report video 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 5, 2012

Video: Work-Life Balance



Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 4, 2012

A Look Behind The Dismal Economic Data

Latest video blog with a market and economic update.

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 2, 2012

Why Are Investors Buying The US Dollar?

People are so worried about European debt that they’re buying the dollar. People are buying the dollar not because the U.S. is sound but because the euro zone is in worse shape. - in CBS Market Watch

Related: PowerShares DB US Dollar Index Bullish (UUP), PowerShares DB US Dollar Index Bearish (UDN)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.

June 1, 2012

Inflation And Economic Harm

Things don’t need to be as bad as Zimbabwe for inflation to cause economic harm. - in CBS Market Watch 

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.