Monthly Archives: January 2014

CNBC Editor Agrees with Peter Schiff: Taper Will Be Reversed (Video)

Peter Schiff appeared on CNBC this week alongside CNBC Financial Editor Jeff Cox, who agreed with him that the Fed will be forced to reverse the taper and increase quantitative easing sometime in the coming year.

“Right now, the markets are going to continue to decline as long as the Fed stays on this taper timeline. And I think the Fed is going to be cognizant of that. If you remember, they’re basing the taper on the recovery, which is the result of the wealth effect of a rising stock market and a rising real estate market that allows us to lever up, borrow more money, [and] buy more stuff we can’t afford.”

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The Many Flaws of Janet Yellen

The Darien Times published a concise but insightful article by Jim Rickards on the flaws of Janet Yellen’s approach to central planning. Rickards argues that the problems stem from the Federal Reserve’s dual mandate to manage US employment in addition to price stability.

“The original sin with regard to Fed powers was the Humphrey-Hawkins Full Employment Act of 1978 signed by President Carter. This created the “dual mandate” which allowed the Fed to consider employment as well as price stability in setting policy. The dual mandate allows the Fed to manage the U.S. jobs market and, by extension, the economy as a whole, instead of confining itself to straightforward liquidity operations. Janet Yellen, the incoming Fed chairwoman, is a strong advocate of the dual mandate and has emphasized employment targets in the setting of Fed policy. Through the dual mandate and her embrace of it, and using the dollar’s unique role as leverage, she is a de facto central planner for the world.

Like all central planners, she will fail. Yellen’s greatest deficiency is that she does not use practical rules. Instead she uses esoteric economic models that do not correspond to reality.”

Read the Full Commentary Here

rickards

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Today’s Key Gold Headlines – 1/30/14

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Buy Real Assets to Avoid the Inflationary Collapse (Audio)

Ernie Hancock interviewed Peter Schiff on Declare Your Independence. Peter explained how the coming dollar collapse will play out for middle-class Americans. Peter’s interview lasts about 25 minutes in the video below.

“With inflation, it’s the creditors that are wiped out. It’s the people who own the assets that win, because they pay off their debts with worthless money and so all the creditors have is money that has very little value and that they’ve lost. So what the government is doing through inflation – and that is its deliberate policy – is to transfer wealth from the people who have savings to the people who have debt. And unfortunately, most of the big debtors are the Wall Street billionaires…”

2014-01-28 Hour 1 Peter Schiff from Ernest Hancock on Vimeo.

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Today’s Key Gold Headlines – 1/29/14

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Stephen Roach on America’s False Dawn

Stephen Roach, senior fellow at Yale University and former Chairman of Morgan Stanley Asia, published an enlightening commentary on Project Syndicate yesterday. Roach explains why the tepid improvement in GDP does not necessarily herald a full-on US recovery. He also examines at length the balance-sheet recession of the average American consumer that continues to stifle the economy.

“Financial markets and the so-called Davos consensus are in broad agreement that something close to a classic cyclical revival may finally be at hand for the US. But is it?

At first blush, the celebration seems warranted. Growth in real GDP appears to have averaged close to 4% in the second half of 2013, nearly double the 2.2% pace of the preceding four years. The unemployment rate has finally fallen below the 7% threshold. And the Federal Reserve has validated this seemingly uplifting scenario by starting to taper its purchases of long-term assets.

But my advice is to keep the champagne on ice.”

Read the Full Commentary Here

stephen s roach

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New Collector’s Edition of How An Economy Grows and Why It Crashes

In late December of last year, Peter Schiff and his brother Andrew released a new and expanded version of their illustrated economic fable How an Economy Grows and Why it Crashes. Since the debut of the original version of the book in 2010, people across the world have told them that the book’s simplicity, humor, and straightforward story-telling have given them a better understanding of real economics.

But since they always thought that it could be even bigger and better, they have come out with How an Economy Grows – Collector’s Edition. Twice the size of the original, with colorized illustrations and new chapters on the European Debt Crisis and the Federal Reserve’s Quantitative Easing, this is a great book to share with friends and family to further their economic education.

Learn More About the Book Here

HowEconomyGrowsCollectorsCover

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Today’s Key Gold Headlines – 1/28/14

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Recovery? Not for the Majority of Americans…

It’s mainstream now. The US economic recovery is a sham, especially when it comes to the plight of the middle class. A new piece at CNNMoney reviews the major economic metrics that are not nearly as positive as they would be if we were experiencing a real recovery. These include the weak job market, underperforming manufacturing sector, weak global trade, and much more.

“Five years into his presidency, Barack Obama is still falling short of his number one goal: to fix the economy for the middle class.

Sure, a recovery has been underway for most of his presidency, but it’s still slow and uneven. And despite Obama’s focus on the middle class, the improvement so far has largely benefited corporations and the ultra-rich.

Whether you blame Obama or a dysfunctional Congress, either way the recovery is hardly a middle-class success story.”

Read the Full Piece Here

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Today’s Key Gold Headlines – 1/27/14

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