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Peter Schiff appeared on CNBC last night to talk about rising oil prices, but ended up drilling down into the reality of a non-existent US economic recovery.

“Americans are going to suffer a declining standard of living. That is the consequences of quantitative easing. That’s one of the reasons I’m opposing it. The Fed is destroying the standard of living of middle class Americans by destroying the value of their savings, of their wages. And yes, prices are going to go up.”

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MRC TV interviewed Peter Schiff about the supposed economic recovery and faulty government calculations of economic statistics. While emerging markets continue to buy gold and silver at record rates, everyday Americans are struggling to support their basic food and energy expenses.

“I think the economy has been contracting for the last four or five years. I think we’re in a depression… Look at all the anecdotal evidence: look at what’s happening to the labor force participation rate… look at what’s happening to real incomes… look at the record high credit card debt, yet Americans are not spending on apparel. Look at the big decline in retail sales. They’re spending the money on food, they’re spending the money on energy… They’re replacing a full-time job with a part-time job… [Look at all of this and] you see an economy that is in distress. You don’t see the economic growth that the government claims.”

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In an interview on Yahoo! Finance, Peter Schiff explained why he thinks investors who are shorting gold futures are in for trouble.

“[While futures traders have been betting against gold,] Real demand for physical gold has been increasing the entire time. And so the problem is that physical gold is disappearing. Ultimately, the short sellers have to be able to deliver the commodity they’re selling short. They’re not going to be able to do that… I think that everything supports that this is another buying opportunity in a string of buying opportunities.”

Watch the Full Interview Here

Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog

Peter Schiff spoke with Yahoo! Finance about the latest recalculation of United States GDP.

“In the case of GDP, they want the numbers to look bigger. In the case of inflation or unemployment, they want the numbers to look smaller. What’s amazing is that the public, the financial media [and] academia, they just gobble this stuff up. There’s not a word of protest. Where are the economists who are calling out the government for the fraud in what they’re doing in trying to change GDP?”

Watch the Full Interview Here

Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog