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Category Archives: Peter’s Commentaries
No Way Out
Peter Schiff’s latest commentary is a scathing critique of the Federal Reserve’s limitless quantitative easing and Ben Bernanke’s claim that the Fed is not engaged in debt monetization:
“For as long as I can remember (and I can remember for quite some time) the Fed has stripped out “volatile” increases in food and energy, preferring the “core” inflation readings. But in the overwhelming majority of cases, the headline numbers are significantly higher than the core. In other words, Bernanke simply prefers to look at lower numbers. In his press conference, he made it clear that the Fed will avoid looking at price changes in “globally traded commodities,” that are all highly influenced by inflation.
These subjective and attenuated criteria give Fed officials far too much leeway to ignore the guidelines that they are putting into place. If the Fed will not react to what inflation is, but rather to what it expects it to be, what will happen if their expectations turn out to be wrong? After all, their track record in forecasting the events of the last decade has been anything but stellar.”
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Bernanke throws the dollar over the Currency Cliff (Video)
In his latest video blog post, Peter Schiff dissects the inflation and unemployment figures Ben Bernanke said the Fed will look for to determine when to raise interest rates. Of course, Bernanke’s supposed benchmarks have a lot of wiggle room, and that ultimately means the continued debasement of the dollar.
“But given all the money that has been printed, not only by the Fed, but by central banks around the world, and all the money that is about to be printed, they’re going to unleash a tidal wave of inflation, and the best way to float to the surface and avoid being dragged under with the tide is to have a life raft of precious metals…”
Posted in Peter's Commentaries, Videos
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Ditching Before the Fiscal Cliff
In the December edition of Peter Schiff’s Gold Letter, Peter examines the booming sales of physical bullion and how wise investors can prepare for the real fiscal cliff:
“The figures are astounding. For US Gold Eagle coins, mint sales are up some 150% from the QE3 announcement on September 13th. Despite what the spot prices show, there has been a tremendous surge in people buying physical gold.
But why hasn’t this translated into higher spot prices?”
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Peter Schiff on CNBC’s Closing Bell (Video)
On Friday, Peter appeared on CNBC’s Closing Bell to talk about his recent commentary in The Wall Street Journal, explaining why raising taxes on the wealthy will do nothing to solve the debt problems of the US. Read his full op-ed here.
“You know what the wealthy are going to do? They’re going to invest more abroad, they’re not going to work as hard, they’re not going to pay as much in taxes, they’re not going to employ as many people, their employees aren’t going to pay the taxes…”
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Debt Ceiling & the Fiscal Cliff (Video)
In the latest post of The Schiff Report, Peter talks about Obama’s attempt to eliminate the need for Congressional approval to raise the debt ceiling. If the President gets his way, the time has never been better to get out of US dollars and into hard assets like gold.
“Borrowing money to pay off maturing obligations is the exact definition of a Ponzi scheme. We need to continue to borrow more money so that we can continue to pretend to pay back the money we’ve already borrowed. In the guise of paying our bills, the President wants to make sure that we never have to pay our bills.”
Posted in Peter's Commentaries, Videos
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When Infinite Inflation Isn’t Enough
From the November edition of Peter Schiff’s Gold Letter:
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 continuing purchase of long-term Treasuries when Operation Twist expires, thereby more than doubling QE3 to a monthly influx of $85 billion in phony money starting in December. I call it “QE3 Plus” – now with more inflation!
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Congress Sells America Down the River (Video)
Peter Schiff’s latest video blog exposes the reality of Congress’ avoidance of the so-called fiscal cliff and what it means to future of the American economy.