Posts By Author » Peter Schiff

The Trillion Dollar Trick
17 Jan 2013 12:02 am

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 (which was to use a loophole in commemorative coinage law to mint a platinum coin of any denomination) by both 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 …

The Trillion Dollar Trick
16 Jan 2013 12:02 am

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 (which was to use a loophole in commemorative coinage law to mint a platinum coin of any denomination) 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 …

Inflation Propaganda Exposed
11 Jan 2013 12:01 am

Economists who hold the popular view that expanding the money supply will provide the best medicine for our ailing economy dismiss the inflationary concerns of monetary hawks, like me, by pointing to the supposedly low inflation that has occurred during the current period of rampant Fed activism. In a recent blog post aimed specifically at me, Paul Krugman noted that the sub 2.5% increases in the Consumer Price Index (CPI) over the past few years are all that is needed to prove me wrong. In fact, Krugman and others have …

Congress Avoids the Cliff by Selling Us Down the River
5 Jan 2013 12:02 am

With the possible exception of the New York Times’ editorial board (and the cast of The Jersey Shore), everyone on the planet understood that the United States Government needs to cut spending, increase taxes, or both. Instead, after months of political posturing and hand wringing, the Federal Government has just delivered the exact opposite, a deal that increases spending and decreases taxes. The move lays bare the emptiness of budget legislation, which can be dismantled far easier than it can be constructed.
One question that should be now asked is whether …

Treasury’s Last Pillar Crumbles
4 Jan 2013 12:02 am

With the return of Shinzo Abe and his Liberal Democratic Party to power in Japan, the market for US Treasuries may be losing its last external pillar of support. Re-elected on September 26th, Abe has quickly set a course for limitless inflation, saying Japan must “free itself from deflation and the strong yen.” This is significant to the global economy as Japan is the largest foreign power left with a strong appetite for US Treasuries. If this demand falters, the Fed may be the only remaining buyer of new Treasury …

No Way Out
15 Dec 2012 12:01 am

By upping the ante once again in its gamble to revive the lethargic economy through monetary action, the Federal Reserve’s Open Market Committee is now compelling the rest of us to buy into a game that we may not be able to afford. At his press conference this week, Fed Chairman Bernanke explained how the easiest policy stance in Fed history has just gotten that much easier. First it gave us zero interest rates, then QEs I and II, Operation Twist, and finally “unlimited” QE3.
Now that those moves have failed …

Mish Shedlock Exposed
12 Dec 2012 12:02 am

In January 2009, just as the “Peter Schiff was Right” YouTube video that catalogued my previously derided predictions about a coming financial collapse was racking up views and attracting mainstream attention, a blogger and investment advisor named Mike Shedlock (aka “Mish”) saw an opportunity to make an unethical grab at my current and prospective clients by breaking the nascent wave.
Shedlock put together a misleading marketing piece entitled “Peter Schiff was Wrong” which compared my recent investment performance with that of his little known firm, Sitka Pacific Investment Advisors. The piece, …

DITCHING BEFORE THE FISCAL CLIFF
7 Dec 2012 12:02 am

Turn on the TV and this is what you’ll hear: The US budget is heading for a fiscal cliff. If a deal isn’t reaching in Congress by the end of this year, a combination of automatic tax hikes and budget cuts will sink America into economic depression. There is no escape.
Of course, my readers know that the fiscal cliff is merely an example of the piper having to be paid. The problem isn’t the bill, but that we ran it up so high in the first place. Any deal to …

Doing Away With Ceiling Drama
4 Dec 2012 12:02 am

Treasury Secretary Timothy Geithner made news last week by proposing to transfer the Congressional prerogative to raise the debt ceiling to the President. The change would essentially do away with the meaningless debt ceiling debates that have become ritual kabuki in Washington over the past few generations. Most Republicans have dismissed the proposal as a blatant executive power grab that will significantly weaken both the Congress and the minority party. While this is certainly true, Congress will only lose a power that it has never shown the slightest courage to …

Patriotic Millionaires Unmasked
21 Nov 2012 12:03 am

Despite the breathless post-election “think pieces” that have drawn sweeping and deeply considered conclusions about the political drift of the country, at its core President Obama’s re-election is easy to understand. He essentially promised millions of middle and working class voters that if he were to be re-elected, they would receive benefits paid for by the rich. You don’t need to read a Time Magazine cover story to untangle this political strategy. Now that he has been given a second term, Obama needs to deliver the goods by raising taxes …

Extend and Pretend
10 Nov 2012 12:02 am

Now that President Obama has been re-elected, the media is finally free to focus on something besides the clueless undecided voters in Ohio, Florida, and Colorado. The brightest and shiniest object that has attracted its attention is the “fiscal cliff” that we are expected to drive over at the end of the year unless Congress and the President can agree to turn the wheel or apply the brakes.
Fresh from his victory, the President took time today to let the nation know how he proposes to avoid the cliff: to raise …

When Infinite Inflation Isn’t Enough
8 Nov 2012 12:01 am

If no one seems to care that the Titanic is filling with water, why not drill another hole in it? That seems to be the M.O. of the Bernanke Federal Reserve. After the announcement of QE3 (also dubbed “QE Infinity”) created yet another round of media chatter about a recovery, the Fed’s Open Market Committee has decided to push infinity a little bit further. The latest move involves the rolling over of long-term Treasuries purchased as part of Operation Twist, thereby more than doubling QE3 to a monthly influx of …

Washington’s European Cliff
7 Nov 2012 12:06 am

Although the eurozone crisis did not make it into the US presidential debate on foreign policy in October, Treasury Secretary Timothy Geithner did remark earlier in the month: “We are very worried about the risk of collapse in Europe.” Indeed, he should be, for a collapse of the euro would not only send shockwaves through the already fragile world economy, but would also undermine America’s own escape strategy of currency debasement. This makes preservation of the status-quo in Europe an essential part of the United States’ plan to avert its …

Lessons from Black Monday
23 Oct 2012 12:02 am

25 years ago, on another Monday in late October, the financial world seemed to disintegrate in a heartbeat. Though the 205 point drop in the Dow last Friday (the technical anniversary of the ’87 Crash) was somewhat reminiscent of its 108-point drop on Friday, October 16, 1987, the real action in ’87 was on the Monday that followed. And while this Monday is not nearly as black, it is important that we use the opportunity to recall the circumstances that nearly sent the stock market into cardiac arrest.
While there were technical …

The Muni Minefield
18 Oct 2012 12:02 am

Municipal bonds have long been viewed as a staple asset class for conservative, income-seeking investors. “Munis,” as they are known, are a large, liquid market of credit-rated securities that provide tax-exempt (from Federal taxes) income to millions of American investors. Towns, school districts, and other public sector authorities across the country have issued an estimated $3.7 trillion dollars worth of these bonds.
But so far this year three municipalities in California (San Bernadino, Stockton, and Mammoth Lakes) have declared bankruptcy and are now asking their bond investors to take reductions in …

Inflation: Washington is Blind to Main Street’s Biggest Concern
16 Oct 2012 12:02 am

Journalists, politicians and economists all seem to agree that the biggest economic issue currently worrying voters is unemployment. It follows then that most believe that the deciding factor in the presidential race will be the ability of each candidate to convince the public that his policies will create jobs. It seems that everyone got this memo…except the voters.
According to the results of a Fox News poll released last week (a random telephone sample of more than 1,200 registered voters), 41% identified “inflation” as “the biggest economic problem they faced.” This …

Riding Into The Sunset Or A Brick Wall?
10 Oct 2012 12:03 am

A month ago, I presented the case for why Fed Chairman Bernanke would have strong motivation to launch another round of quantitative easing (QE) before the election. In short, it would save him his job. Now, I didn’t predict with certainty that he would do so – only the few men at the FOMC knew that for sure – but it seemed likely. Shortly thereafter, Bernanke not only announced more stimulus, but promised to keep it flowing to the tune of an additional $40 billion a month until conditions improve. …

Rare Earths Could Be Pawn in Island Spat… Again
6 Oct 2012 12:01 am

As China and Japan continue to ratchet up tensions over a group of disputed islands in the East China Sea, many investors may be wondering how the dispute could affect the marketplace. One potential area for fallout is the market for rare earth elements (REEs): the futuristic sounding group of 17 minerals with unpronounceable names that play a critical role in everything from hybrid cars to flat screen TVs. As discussed in our October edition of the Euro Pacific Capital Global Investor Newsletter, these minerals have shown particular sensitivity to the diplomatic relationship …

The Fed Plays All Its Cards
3 Oct 2012 12:02 am

There never really could be much doubt that the current experiment in competitive global currency debasement would end in anything less than a total war. There was always a chance that one or more of the principal players would snap out of it, change course and save their citizenry from a never ending cycle of devaluation. But developments since September 13, when the U.S. Federal Reserve finally laid all its cards on the table and went “all in” on permanent quantitative easing, indicate that the brainwashing is widely established and …

Operation Screw
15 Sep 2012 12:03 am

With yesterday’s Fed decision and press conference, Chairman Ben Bernanke finally and decisively laid his cards on the table. And confirming what I have been saying for many years, all he was holding was more of the same snake oil and bluster. Going further than he has ever gone before, he made it clear that he will be permanently binding the American economy to a losing strategy. As a result, September 13, 2012 may one day be regarded as the day America finally threw in the economic towel.
Here is the outline of the Fed’s plan: …

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