- Source, Peter Schiff
Tuesday, August 28, 2018
Friday, August 24, 2018
Peter Schiff: Could The Trade War Prick The Bubble Economy?
There was a lot of trade war talk at the end of last week. In fact, on Friday, some pundits said the trade war officially began. Last Thursday, President Trump said the US may ultimately impose tariffs on more than a half-trillion dollars' worth of Chinese goods, and a round of tariffs went into effect. The United States began collecting tariffs on $34 billion in Chinese goods. China implemented additional tariffs on some import products from the United States immediately after US tariffs took effect, according to Chinese state media.
The stock markets shrugged it off. Both the NASDAQ and Dow were up over 100 points. In his latest podcast, Peter Schiff said the markets seemed to be saying, "Who cares about a trade war? Bring it on!"
America is going to win the trade war because we've got the least to lose because we've got the biggest deficits, right? Everybody is talking this thing up."
But Peter said when you look at the products both countries are slapping tariffs on, it becomes clear which one is the industrial powerhouse and which one is basically a third-world country masquerading as an economic power. Here's just part of the list of Chinese products that Trump wants to tax American citizens for buying.
These are the things that the Chinese make and are sending us. You know what China is imposing tariffs on us - Chinese good? Soybeans, pork, fish, orange juice, whiskey, I mean, this is stuff that you grow … Look at what we make. We don't make anything. I mean, we have a few things, but mostly it's what we grow. The businesses that are most impacted by the tariffs in China are the farmers - agriculture - because our agricultural products will be less competitive in the Chinese market than maybe the agricultural products of Australia or South America or Canada."
Interestingly, one of the major US exports to China that the Chinese plan to levy tariffs on is gold. Yes. America sends a lot of gold to China.
The Chinese should really increase their imports from America by buying more of our gold. Right? Because obviously, that's going to benefit them because they can be buying gold as they're getting rid of their dollars."
Peter said the point is that China is now the industrial powerhouse with real manufactured goods while the US is more like a colony of China. As a result, the US is not in a position to win the trade war. China can buy food and beverages from anybody it wants.
What China has is far more valuable than what we've got. They have all these manufactured products that are important … All we're doing is raising the prices that Americans have to pay to import the products that our inefficient economy is incapable of producing."
We've been saying for years that we have a bubble economy. Donald Trump even campaigned on that fact, calling the stock market a "big, fat, ugly bubble." But now the Republicans are saying everything is great, we have a "Goldilocks economy," things are humming along. Ironically, the left has started talking about the economic bubbles.
So, here's the $64,000 question. Will the trade war finally pop the bubbles?
It just might. Even if it's not the trade war, something will eventually pop the bubble. And as Peter said in another podcast, at that point, Trump is going to be the fall guy and America may find itself on the path to full-blown socialism.
In this podcast, Peter also breaks down the June jobs report and talks about the minutes from the June Federal Reserve meeting.
The stock markets shrugged it off. Both the NASDAQ and Dow were up over 100 points. In his latest podcast, Peter Schiff said the markets seemed to be saying, "Who cares about a trade war? Bring it on!"
America is going to win the trade war because we've got the least to lose because we've got the biggest deficits, right? Everybody is talking this thing up."
But Peter said when you look at the products both countries are slapping tariffs on, it becomes clear which one is the industrial powerhouse and which one is basically a third-world country masquerading as an economic power. Here's just part of the list of Chinese products that Trump wants to tax American citizens for buying.
These are the things that the Chinese make and are sending us. You know what China is imposing tariffs on us - Chinese good? Soybeans, pork, fish, orange juice, whiskey, I mean, this is stuff that you grow … Look at what we make. We don't make anything. I mean, we have a few things, but mostly it's what we grow. The businesses that are most impacted by the tariffs in China are the farmers - agriculture - because our agricultural products will be less competitive in the Chinese market than maybe the agricultural products of Australia or South America or Canada."
Interestingly, one of the major US exports to China that the Chinese plan to levy tariffs on is gold. Yes. America sends a lot of gold to China.
The Chinese should really increase their imports from America by buying more of our gold. Right? Because obviously, that's going to benefit them because they can be buying gold as they're getting rid of their dollars."
Peter said the point is that China is now the industrial powerhouse with real manufactured goods while the US is more like a colony of China. As a result, the US is not in a position to win the trade war. China can buy food and beverages from anybody it wants.
What China has is far more valuable than what we've got. They have all these manufactured products that are important … All we're doing is raising the prices that Americans have to pay to import the products that our inefficient economy is incapable of producing."
We've been saying for years that we have a bubble economy. Donald Trump even campaigned on that fact, calling the stock market a "big, fat, ugly bubble." But now the Republicans are saying everything is great, we have a "Goldilocks economy," things are humming along. Ironically, the left has started talking about the economic bubbles.
So, here's the $64,000 question. Will the trade war finally pop the bubbles?
It just might. Even if it's not the trade war, something will eventually pop the bubble. And as Peter said in another podcast, at that point, Trump is going to be the fall guy and America may find itself on the path to full-blown socialism.
In this podcast, Peter also breaks down the June jobs report and talks about the minutes from the June Federal Reserve meeting.
- Source, Seeking Alpha
Tuesday, August 21, 2018
Peter Schiff Predicts A Major Recession During Trump's Presidency
- Source
Saturday, August 18, 2018
Wednesday, August 15, 2018
Heading Toward A Bigger Crisis And The Same People Are Even More Clueless
As we approach the 10-year anniversary of the 2008 financial crisis, some things don't seem a whole lot different. Everybody is optimistic, and as Peter Schiff noted in his most recent podcast, ignoring all of the warning signs.
"We're seeing a lot of warning signs people should be worried about, but again they're dismissing them, much the way they did 10 years ago You know, we're getting close to the 10-year anniversary of the 2008 financial crisis. Remember, the whole thing started in August of 2008. Here we are August 2018, 10 years later. I think we're heading for an even bigger crisis and the same people are even more clueless."
Peter said there is a lot of data that is being ignored or glossed over. For instance, the July jobs numbers came in much lower than expected at 157,000.
"When they look at this big decline month-over-month in job creation, nobody seems to think it's a problem, because everybody wants to look at the economic glass as half-full."
Average hourly wages rose 0.3, which was the expectation, but last month's number originally reported as up 0.2 was revised to -0.1.
"And for all we know, the 0.3 we just got could be downwardly revised next month. But if you take the average hourly earnings numbers at face value and look at the year-over-year increase, the gain is 2.7%. That's how much nominal wages have gone up over the past year. And that includes, of course, all of these minimum wage hikes."
Meanwhile, the CPI has gone up 2.9% during the same period. Peter said he doesn't think the CPI accurately measures the real increase in the cost of living, but even if it did, wages still aren't keeping up with prices.
"Real wages, despite the 2.7% increase, real wages are actually down during that year. In fact, this is the biggest drop in real wages in six years. Now to hear Donald Trump talk, or anybody else talk, real wages are soaring, right? Everybody is getting a raise. They're not. Inflation - consumer prices are rising faster than wages."
"We're seeing a lot of warning signs people should be worried about, but again they're dismissing them, much the way they did 10 years ago You know, we're getting close to the 10-year anniversary of the 2008 financial crisis. Remember, the whole thing started in August of 2008. Here we are August 2018, 10 years later. I think we're heading for an even bigger crisis and the same people are even more clueless."
Peter said there is a lot of data that is being ignored or glossed over. For instance, the July jobs numbers came in much lower than expected at 157,000.
"When they look at this big decline month-over-month in job creation, nobody seems to think it's a problem, because everybody wants to look at the economic glass as half-full."
Average hourly wages rose 0.3, which was the expectation, but last month's number originally reported as up 0.2 was revised to -0.1.
"And for all we know, the 0.3 we just got could be downwardly revised next month. But if you take the average hourly earnings numbers at face value and look at the year-over-year increase, the gain is 2.7%. That's how much nominal wages have gone up over the past year. And that includes, of course, all of these minimum wage hikes."
Meanwhile, the CPI has gone up 2.9% during the same period. Peter said he doesn't think the CPI accurately measures the real increase in the cost of living, but even if it did, wages still aren't keeping up with prices.
"Real wages, despite the 2.7% increase, real wages are actually down during that year. In fact, this is the biggest drop in real wages in six years. Now to hear Donald Trump talk, or anybody else talk, real wages are soaring, right? Everybody is getting a raise. They're not. Inflation - consumer prices are rising faster than wages."
- Source, Seeking Alpha
Saturday, August 11, 2018
Wednesday, August 8, 2018
Joe Rogan Experience #1145 - Peter Schiff
He also hosts his own podcast called “The Peter Schiff Podcast” available on iTunes and at SchiffRadio.com
- Source, Joe Rogan
Sunday, August 5, 2018
Peter Schiff: Could the Trade War Prick the Bubble Economy?
There was a lot of trade war talk at the end of last week. In fact, on Friday, some pundits said the trade war officially began. Last Thursday, President Trump said the US may ultimately impose tariffs on more than a half-trillion dollars’ worth of Chinese goods, and a round of tariffs went into effect.
The United States began collecting tariffs on $34 billion in Chinese goods. China implemented additional tariffs on some import products from the United States immediately after US tariffs took effect, according to Chinese state media.
The stock markets shrugged it off. Both the NASDAQ and Dow were up over 100 points. In his latest podcast, Peter Schiff said the markets seemed to be saying, “Who cares about a trade war? Bring it on!”
The stock markets shrugged it off. Both the NASDAQ and Dow were up over 100 points. In his latest podcast, Peter Schiff said the markets seemed to be saying, “Who cares about a trade war? Bring it on!”
- Source, Schiff Gold
Thursday, August 2, 2018
The MSM Isn't Paying Attention to the Hidden, Rising Inflation Threat
Of course, it’s not really going to be Trump’s fault. But that’s the way the political class plays the game. Whoever happens to be in office when things go south gets the blame. But the real culprits are the central bankers.
Stagflation is a combination of high inflation and negative economic growth. We saw it under Carter, and Peter thinks we’ll see it again as the Trump administration progresses.
Peter has been talking a lot about inflation in both the eurozone and the US, but the mainstream isn’t paying a bit of attention...
- Source, Schiff Gold
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