Peter Schiff appeared on the Business News Network this afternoon to comment on the new jobs data and why it isn’t anything to be happy about. In fact, the jobs data portends an economy that is sinking back into a recession. On top of that, Peter explains why the supposed housing recovery is just an illusion. So what investment opportunities do exist? Peter recommends avoiding the dollar and buying gold, which is vastly under-priced.
“We lost another 6,000 manufacturing jobs… You know where all the big job gains are? It’s in leisure and hospitality. We have more people in America now working in bars and restaurants than ever before. These are not good jobs, they are low paying, part-time jobs and you cannot build an economy on these types of jobs… The numbers are going to get worse. The jobs that we are creating – these phony jobs – are a function of all the cheap money and all the excess spending and borrowing that goes along with it.”
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