January 31, 2013

GDP: Worst Quarter Obama`s First Term

"It`s interesting that the last quarter of the Obama term is the weakest of his presidency." - in Fox Business

Related: SPDR SP 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.

Video: The Obama Recession


Related: SPDR SP 500 ETF (SPY), iShares MSCI Emerging Markets Index ETF (EEM), 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.

January 30, 2013

Video: Doug Casey Interviews Peter Schiff


Doug Casey interviews Peter Schiff.

Topics: gold, silver, money printing, inflation, central banks, U.S. economy;

Related ETFs: SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index (SPY), iShares Silver ETF (SLV);

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.

January 29, 2013

A Failure To Raise The Debt Ceiling Is Simply A Decision To Stop Borrowing

"In truth, a failure to raise the debt ceiling is not a commitment to renege on obligations. It is simply a decision to stop borrowing. The government could still meet obligations by cutting spending, raising taxes, or making reforms to entitlements. But it chooses not to take this difficult step.

More important than that is the message America is sending its creditors. By informing them that the United States will not use its taxing power to repay its debts, but will only rely on its ability to borrow more (ironically from the same creditors), it signals its refusal to tackle our fiscal deficiencies through responsible means. It's a shame that more people can't seem to grasp these very simple truths." - in Town Hall

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.

4 More Years Of Growth In Government & Decline In Our Living Standards

"I think it’s a shame but sometimes you elect the government you deserve. To say that we deserve Obama is quite a statement because it’s pretty bad to say that we deserve this. But we voted for him and we’re going to have four more years of growth in government, four more years of decline in our living standards, four more years of taxes and inflation and regulation and stagnation and unemployment.

President Obama constantly talks about how unlucky he was that he inherited such a bad economy from his predecessor. Well, his successor is going to inherit an even worse economy than the one that he did. I think the economy is going to be in much worse shape in 2016 when Obama finishes his second term than it was in 2009 when Bush finished his second term." - in Before Its 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.

January 28, 2013

Bernanke To Oprah: "I've Been Doping for Years" (Video)



Video Summary: The Oprah Winfrey Interview we should have seen: Ben Bernanke Confessing to Years of Performance-Enhancing Economic Doping.

Related: SPDR SP 500 ETF (SPY), SPDR Dow Jones Industrials ETF (DIA), SPDR Gold Trust ETF (GLD)

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.

Video: Obama Supporters On Climate Bill Costs



Inauguration Day 2013: While Peter was out of the country, his producer, Tom Elliott, hit up the inauguration to speak with Obama's most die-hard fans about the big-ticket item the president outlined for his second term: climate change.

While everyone likes the idea of "fixing" the climate, how many would support actually paying the legislative cost? Keep in mind, these inaugural attendees traveled from all over the country; if Obama can count on anyone, surely he can count on their support - right?

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.

January 27, 2013

Video: Vancouver Resource Investor Conference


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.

January 25, 2013

If We Don`t Reverse Course...

"If we don't reverse course, if we continue to stimulate, then we will end up with hyperinflation and it will be like Zimbabwe." - in the Glenn Beck Show

Related: iShares Silver Trust ETF (SLV), SPDR Gold Trust ETF (GLD)

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.

January 23, 2013

Video: Debating Capitalism


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.

January 22, 2013

The Resources Are Not Going To Where The Market Wants Them

"The resources are not going to where the market wants them but to where the government directs them, to where central bankers direct them." - in Irish Examiner

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.

January 18, 2013

A Default Means A Complete Collapse In The Bond Market

"The minute we default, there would be a complete collapse in the bond market." - in Chicago Tribune

Related ETFs: iShares Barclays 20+ Yr Treas.Bond ETF (TLT), iShares Lehman 7-10 Yr Treas. Bond ETF (IEF), ProShares UltraShort 20+ Year Trea 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.

January 17, 2013

The Debt Ceiling & A Diner Without Money

"President Obama said the Republican reluctance to raise the debt limit was the equivalent of a diner who had ordered and enjoyed a meal who then decides to leave the restaurant without paying the bill.

The President is actually arguing that if the diner had no cash on hand, it would be much more responsible to simply use a credit card. In taking this moral high ground, the President ignores the fact that the diner (who has indebted himself through habitual restaurant meals) intends to pay his credit card bill with another card, and then repeat the process until he runs out of cards.

So in the end, it's not the restaurateur who gets stiffed, but the issuer of the last card the diner is able to acquire." - in IB Times

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.

January 16, 2013

How The Federal Reserve Expands Its Balance Sheet

"The Fed "expands its balance sheet" by buying government bonds from private banks. In exchange for these securities, the Fed credits the banks with funds it creates out of thin air. The banks then pass the funds to the general public through loans. But it's important to realize that the Fed does not have any money to actually buy the bonds in the first place. The funds are "created" by a Fed computer." - in IB Times

Related: SPDR SP 500 ETF (SPY), SPDR Gold Trust ETF (GLD), iShares Silver Trust ETF (SLV), iShares Barclays 20+ Yr Treas.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.

The Birth And The Death Of The Trillion Dollar Platinum Coin

"The birth, and the apparent death, of the trillion dollar platinum coin idea may one day be recalled as a mere footnote in the current debt crisis drama. The ultimate rejection of the idea by both the the President and the Federal Reserve seems to offer some relief that our economic policy is not being run by out-of-touch academics and irresponsible congressmen.

In reality, our government has been creating more than one trillion dollars out of thin air every year for the past five. The only difference is that the blatant dishonesty of a trillion-dollar platinum coin is so easy to understand that the public simply couldn't be expected to swallow it. The American people are more than willing to be fooled, but they won't tolerate so simple a ruse." - excerpt from The Trillion Dollar Trick

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.

January 15, 2013

If We Don`t Reverse Course We Will End Up Like Zimbabwe

"If we don't reverse course, if we continue to stimulate, then we will end up with hyperinflation and it will be like Zimbabwe." - in the Glenn Beck Show

Related: iShares Silver Trust ETF (SLV), SPDR Gold Trust ETF (GLD)

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.

Video: Inflation Propaganda Exposed



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.

Video: The Hidden Inflation



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 CPI Isn’t An Accurate Measure Of Inflation

“The CPI isn’t an accurate measure of inflation. It’s sheer propaganda. Prices are rising at a much more rapid rate than the CPI would suggest.

How can you believe the statistics when the numbers are so flawed?

I don’t care what the government is telling me. If the government weatherman tells me it’s a sunny day and I can see it’s pouring rain, I’m not going to believe the government, I’m going to go outside with an umbrella.” - in Yahoo Finance

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.

January 14, 2013

We Are Going To Have A Huge Inflation Problem

"If it's not 10 or 11 percent, it's certainly 7, 8 or 9 percent. It's going to get a lot higher. If we keep printing money, we're going to have a huge inflation problem." - in Money 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.

January 13, 2013

Video: There`s Inflation Right Now



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.

January 12, 2013

We Are Creating Money Out Of Thin Air

I think short term gold and silver look good. We already had a pullback and all this talk about minting trillion dollar coins simply shines a light on what`s going on here in the United States. We are creating money out of thin air, we are debasing the currency and that`s a good environment for buying gold. - in  Futures Now

Related: SPDR Gold Trust ETF (GLD), iShares Silver Trust ETF (SLV), Barrick Gold (ABX), Goldcorp (GG), Newmont Mining (NEM), AngloGold (AU)

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 Chart Looks Very Bullish For Oil

"Look at the price of oil, which has been moving up, it set a 4 month high here today. I think the chart looks very bullish for oil.

Remember he got as high as 150 dollars a barrel before the financial crisis in 2008, we could be challenging those highs again before the end of 2013." - in Futures Now

Related stocks and ETFs: United States Oil Fund ETF (USO), Exxon Mobil (XOM), Chevron (CVX), Marathon Oil (MRO), Conoco Phillips (COP)

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.

January 11, 2013

Video: The US Economy Cannot Survive Rising Interest Rates



Related: SPDR SP 500 ETF (SPY), iShares Barclays 20+ Yr Treas. 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.

Video: Short Term, Gold And Silver Look Good



"Short term gold and silver look good, we already had a pullback." - in CNBC

Related: iShares Silver Trust ETF (SLV), SPDR Gold Trust ETF (GLD)

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.

January 10, 2013

Inflation Statistics: How Can We Believe Them?

“How can you believe these statistics when the numbers are so flawed? I don’t care what the government is telling me. If the government weatherman tells me it’s a sunny day and I can see it’s pouring rain, I’m not gonna believe the government, I’m gonna go outside with an umbrella.” - in Yahoo Finance 

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.

Prices Are Rising At A Much More Rapid Rate Than The CPI Would Suggest

“It is sheer propaganda. Prices are rising at a much more rapid rate than the CPI would suggest.” - in Yahoo Finance

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.

Inflation Propaganda Exposed: Healthcare Costs

"Another stunning example is found in health insurance costs, which is a major line item for most families. According to the BLS we can all breathe easy on that front because their "Health Insurance Index" increased a mere 4.3% (total) in the four years between 2008 and 2012. Interestingly, over the same time, the Kaiser Survey of Employer Sponsored Health Insurance showed that the cost of family health insurance rose 24.2% (5.5 times faster).

But even if the BLS had reported higher costs, it wouldn't have made much of a difference in the CPI itself. Believe it or not, health insurance costs are assigned a weighting of less than one percent of the overall CPI. In contrast, the Kaiser Survey revealed that in 2012 the average total cost for family health insurance coverage was $15,745, or almost one third of the median family income." - excerpt from the Inflation Propaganda Exposed 

Related: UnitedHealth Group Inc. (NYSE:UNH), Aetna Inc. (NYSE:AET), WellPoint, Inc. (NYSE:WLP)

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.

January 9, 2013

US Debt: We Can`t Pay It Off

Even if you raise taxes to 100 percent, we couldn't pay it off. We're going to default. - in CNBC 

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.

Peter Schiff Show: Ted Nugent On Gun Control


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.

Tax Policies, Incentives & Innovation

"Tax policies that diminish the incentives and capacities of innovators, business owners and investors will not spur economic improvement." -  in Live Trading News, Dec 10 - 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.

January 8, 2013

US Debt: Even If You Raise Taxes To 100%, We Couldn't Pay It Off



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.

January 7, 2013

It Is Impossible To Create Something From Nothing

Unlike Krugman and the Keynesians, I would argue that it is impossible to create something from nothing. I believe that printing a dollar diminishes the value of all existing dollars by an aggregate amount equal to the purchasing power of the new dollar. The other side takes the position that the new money creates tangible economic growth. I think that those making such absurd claims should bear the burden of proof. - in The Global Investor Newsletter 

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.

Video: The Dollar Is Not The King Of Anything


Related: SPDR Gold Trust ETF (GLD)

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.

January 6, 2013

"Rising Prices" As Their Top Economic Concern

A recent poll of likely voters conducted by Fox News in the weeks before the election, revealed that 41% of respondents identified "rising prices" as their top economic concern. This response beat out "unemployment" by nearly two to one.

The underreporting of price movements would explain why inflation is a concern on Main Street even while it's not a concern on Pennsylvania Avenue. If these price changes in our experiments had been fully captured, CPI could currently be high enough to severely restrict Fed action to stimulate the economy. - in The Global Investor Newsletter 

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.

January 5, 2013

Consumer Price Index (CPI): Effectively Capturing The Price Changes Of Our Goods?

"We randomly identified price changes of 10 everyday goods and services over two separate 10 year periods, and then compared those changes to the reported changes in the Consumer Price Index (CPI) over the same period. The 10 items, which we selected are: eggs, new cars, milk, gasoline, bread, rent of primary residence, coffee, dental services, potatoes, and electricity.

We know that people do not spend equal amounts on the above items, and we know their share of income devoted to them has changed over the decades. But as we are only interested in how these prices have changed relative to the CPI, those issues don't really matter. We chose to look at the period between 1970 and 1980 and then again between 2002 and 2012, because these time frames both had big deficits and loose monetary policy. But they straddle the time in which the most significant changes to inflation measurement methodology took effect. And while nominal price increases rose much faster in the 1970's, the degree to which the prices rose relative to the CPI was much, much higher more recently.

Between 1970 and 1980 the officially reported CPI rose a whopping 112%, and prices of our basket of goods and services rose by 121%, just 8% faster than the CPI. In contrast between 2002 and 2012 the CPI rose just 27.5%. But our basket rose by nearly double that rate - 52.1%! So the methods used in the 1970's to calculate CPI effectively captured the price changes of our goods, but only got half of those movements more recently. How convenient." - in The Global Investor Newsletter

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.

January 4, 2013

The Underreporting Of Inflation

"Since the 1970's the preferred government inflation metrics have changed so thoroughly that they bear scant resemblance to those used during the "malaise days" of the Carter years. Government and academia defend the integrity and accuracy of the modern methods while dismissing critics as tin hat conspiracy theorists. But given the huge stakes involved, it's hard to believe that institutional bias plays no role. Government statisticians are responsible for coming up with the methodology and the numbers, and their bosses catch huge breaks if the inflation numbers come in low. Human behavior is always influenced by such incentives.

Beginning in the early 1980's the methodologies were altered to compensate for a variety of consumer behavior. The new "chain weighted CPI" for instance incorporates changes in relative spending, substitution bias, and subjective improvements in product quality.

Essentially these measures report not just on price movements, but on spending patterns, consumer choices, and product changes. This is fine if the goal is to measure the cost of survival. But that is not the purpose for which these metrics are meant to be used. But if you simply focus on price, especially on those staple commodity goods and services that haven't radically changed over the years, the underreporting of inflation becomes more apparent." - in The Global Investor Newsletter 

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.

January 3, 2013

Video: Congress Sells America Down the River to Avoid the Fiscal Cliff


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.

January 2, 2013

Video: 2013 Outlook


Related: iShares MSCI Emerging Markets Index ETF (EEM), SPDR SP 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.