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Peter Schiff: Obama, Fed Presided Over Phony Recovery, Sees ‘Major, Major Currency Crisis’ Coming

This past weekend, Peter Schiff, the CEO of Euro Pacific Capital, uploaded a new video to The Schiff Report on YouTube.com. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, noted that it had been a while since he released an entry to this vlog. As such, Schiff talked about a number of subjects. He advised viewers:

I think that we’re already in recession. It’s just that the Fed hasn’t acknowledged it yet. And one of the reasons that Janet Yellen is so reluctant to come clean and acknowledge how weak the economy is because number one, it undercuts President Obama, who’s going around the world claiming the United States has the strongest economy in the world when we’re, in fact, in recession. Even Europe is growing faster than the United States. Yet somehow President Obama wants to claim credit for saving the U.S. economy and producing all this non-existent growth. While the Federal Reserve doesn’t want to peddle fiction, in the words of President Obama. So it doesn’t want to basically undercut his message of an economic recovery by acknowledging that it’s over. And for the same reason the Fed doesn’t want to take the wind out of Hillary Clinton’s sails, because she wants to sail into the White House based on the prosperity that was supposedly created by President Obama. So Janet Yellen doesn’t want to undercut her message because she wants to run on four more years. And the Fed can’t admit that we’re back in recession. And also the Federal Reserve has already claimed credit for success. They want to pretend that their monetary policies created this real recovery. They don’t want to acknowledge it ended. So they have their own credibility on the line. They want to pretend that the economy is still recovering…

Meanwhile, I think it’s the United States that’s going to launch a whole new round of easing. I think they’re going to be lowering interest rates back to zero and launching QE 4. The only unknown is whether they’re going to do it before or after the election. And it depends on how quickly the economy or the markets unravel, because Yellen would rather have to come to the rescue of the economy before the election, because admitting that it needs rescuing is going to be a problem for Hillary Clinton and it’s going to help Donald Trump. And I know Janet Yellen does not want to see Donald Trump as the next President. So that is the fine line that she is trying to walk. Whether she admits the economy is weak enough and needs stimulus, or whether she puts the stimulus anyway because it’s so weak she’s worried about the economy being too deep in a recession when voters go to the polls. And in that case, the Federal Reserve simply has to come up with some kind of excuse to try and blame things on the global economy. But the problem is, the situation is already turning around in the global economy. The real problem in the global economy is the United States.

And if you look at the action in the markets, people are just starting to figure this out. But it’s still kind of like a deer in the headlight moment. I think a lot of traders, a lot of people who are managing money on Wall Street. They’ve been getting beaten up this year. A lot of the big players are losing a lot of money because they are positioned for the wrong outcome. Everybody has believed this narrative of a legitimate recovery, where the Federal Reserve will be normalizing interest rates. I’ve known all along that that was a farce. That the economy hadn’t recovered. That the Federal Reserve had in fact prevented a recovery. That the U.S. economy is actually in worse shape now than it was in 2008. So rather than a recovery, we actually got sicker. We just covered up some of the symptoms. But we have exacerbated all of the problems. And President Obama- he’s hasn’t presided over a recovery at all. He’s presided over a bigger bubble than his predecessor. And in fact, the economic disaster that awaits his successor, is going to be much bigger than the disaster he inherited from George Bush. And he spent the entire last eight years of his presidency blaming everything bad on Bush, and claiming that he got us out of that mess. Well, the reality is, he has gotten us into a much bigger mess. And whoever succeeds him is going to have to deal with it. It will be interesting though if its ends up being Hillary Clinton. Is she going to still blame the disaster on Bush, and just forget about the eight years of Obama, and try and blame the recession she is going to inherit as some kind of leftover, residual recession from the Bush years? As if President Obama had actually nothing to do with it, when his policies simply exacerbated all the problems. He just double-downed on the failed policies of Bush. But then he added a lot of other policies that were even worse. And that is why this so-called recovery has been the weakest recovery that we have ever had. And, in fact, if the truth were known. If the numbers weren’t cooked by artificially-low inflation rates, we would have a much weaker recovery or we’d have no recovery at all. But the people who are voting for Bernie Sanders or voting for Donald Trump- they are living in this recession. This phony recovery that President Obama and the Federal Reserve want to take credit for.

Schiff hasn’t deviated from his long-held belief of a coming dollar crisis. He warned viewers:

This is going to be a major, major currency crisis. And unfortunately, the currency crisis/economic crisis that’s coming- maybe it’ll start before Obama leaves office, just like the financial crisis blew up on the last year of the Bush administration. Or maybe it will be an inaugural present for Donald Trump or for Hillary Clinton. But this crisis that’s coming is going to be much worse, much worse, on an order of magnitude, kind of like a Richter scale-worse, than the financial crisis of 2008. Because the combination of bad fiscal policy and bad monetary policy, particularly monetary policy but also things like ObamaCare- all the things that the Federal Reserve and the federal government have done over the last seven or eight years have made the problem so much worse. Meanwhile, the debt has gotten so much bigger. The leverage has gotten so much bigger. The number of players, the financial markets, are so much more out-of-whack based on a false expectation of what is likely to happen. I mean, this is worse- these are bigger imbalances than we had leading up to the 2008 financial crisis. Fewer people are prepared for what’s going to happen. And when it does, it’s going to be a major economic upheaval, much worse than what we had in ’08 from the perspective of the average American… When you have a currency crisis, when the dollar is collapsing, when the cost of living is going up, and then people start to lose these part-time jobs- you lose your job and the cost of living goes up. This is going to be much worse.


“Gold and Currency Markets Expose U.S. Recovery Myth”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Tuesday, May 3rd, 2016 Bailouts, Bubbles, Crash Prophets, Currencies, Debt Crisis, Employment, Europe, Federal Reserve, Fiscal Policy, Government, Inflation, Interest Rates, Main Street, Monetary Policy, Political Parties, Recession, Recovery, Stimulus, Wall Street Comments Off on Peter Schiff: Obama, Fed Presided Over Phony Recovery, Sees ‘Major, Major Currency Crisis’ Coming

Peter Schiff: 2008 A ‘Tremor,’ ‘Real Earthquake Is Still In Our Future’

The CEO of Euro Pacific Capital, Peter Schiff, appeared on the Alex Jones Show last Friday. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, talked about the state of the U.S. economy- and how the 2008 crisis was just a “tremor” before the real earthquake. From their exchange:

JONES: So you think that we may already actually be in a recession.
SCHIFF: All of the indicators, if you look at most of the economic indicators that are out there, they’re flashing recession. I mean, the only thing that isn’t is the low unemployment rate and the jobs that we’re creating. But then when you look beneath the surface, and we’ve discussed this before on your program, when you realize that all the jobs that are being created are low-paying, part-time jobs. The reason there are so many jobs is because people now have two or three. And so if you have three jobs that you count as having- it’s three instead of just one. But they don’t add up to one good, full-time job. And you have lots of people who have left the labor force. And I think one of the reasons the unemployment claims are so low is because so few people are being hired, that not that many people are being fired. You can’t lose a job unless you get a job. And so since we’re really creating so few legitimate jobs, there’s not a lot of people that are collecting unemployment. So this economy is very weak, despite the rosy scenario, the fiction, that the President is trying to paint.

And from later on in the program:

JONES: Speaking of earthquakes, you’re famous for quoting, I mean famous for this quote, “2008 was a tremor for the earthquake that’s coming.” Is that what you’re still saying?
SCHIFF: Yeah and I’ve been saying that all along even before 2008. Because I saw 2008 coming, and unfortunately I also saw how the government would respond to 2008. And they did exactly what I feared they would do, what I warned they would do, and that is exactly why the real earthquake is still in our future- it’s not in our past. And people have to prepare for that. And by the way, silver hit a new high today for this year, for 2016. So people are starting to wake up. It’s happening very slowly, but it’s happening.


“Real Economic Earthquake Is In Our Future, Not Our Past”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

Peter Schiff’s latest book…

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Monday, April 18th, 2016 Commodities, Crash Prophets, Employment, Government, Precious Metals, Preparedness, Propaganda, Recession Comments Off on Peter Schiff: 2008 A ‘Tremor,’ ‘Real Earthquake Is Still In Our Future’

Peter Schiff: U.S. Stocks In Bear Market, Economy In Recession, ‘Going To Be Longer And Deeper Than The Great Recession of 2008-2009’

The last “crash prophet” I’ll be talking about today is Euro Pacific Capital CEO Peter Schiff. Earlier Monday I watched Graham Ledger interview Schiff, who correctly-called the housing bust and economic crisis last decade, on the January 21 installment of The Daily Ledger show (One America News Network). From their exchange:

LEDGER: Do we have the indicators right now of a bear market?
SCHIFF: Well, sure, not only are we in a bear market in stocks. I think we’re in a recession, economically. When you played the clip from President Obama’s State of the Union- when he talked about people peddling fiction I thought he was talking about me. But I’m the one who’s selling reality. He’s peddling a bill of goods trying to pretend this recovery is real. But whatever it was- it’s over. And I think the recession that we’re in now is going to be longer and deeper than the Great Recession of 2008- 2009. And of course, all bear markets begin as corrections. But they don’t officially call it a bear market until it’s down 20 percent. The Russell 2000 is down 25 percent, the Dow Transports are down 30 percent, many individual sectors and stocks are down a lot more than 20 percent. And so it sure feels like a bear market even though officially Wall Street hasn’t declared it a bear market. But if the Fed doesn’t come up with a QE 4. Which I think it’s going to do. I think it’s a mistake. They shouldn’t do it. They shouldn’t have done 1, 2, and 3. But the only way to stop an official bear market will be for the Fed to reverse course, reduce rates, and launch another round of QE. That’s it.


“Market Tanking After Fed Pricked Their Own Bubble”
YouTube Video

Schiff went on to talk about how the U.S. auto “bubble” has burst, the U.S. housing market is also a “problem,” and that he predicts “a lot of people are going to lose their jobs in this recession.” Regarding the Federal Reserve and Janet Yellen? They’re going to try and keep this thing afloat until November. From the interview:

Obama’s whole claim to fame is that he inherited a disaster, and now everything is great. The truth is, he inherited a disaster, and now it’s a bigger disaster. But he doesn’t want the voters to know that in November. And I think Janet Yellen is a team player. I think she looks at herself as a member of the Obama administration. She is a very partisan, liberal Democrat. And she doesn’t want this thing to collapse until the election is over. Now, I don’t know if she’s going to succeed. I think she’s going to try though.

Like fellow “crash prophet” Jim Rogers, Schiff believes China is being used as a scapegoat for America’s latest financial woes.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Monday, January 25th, 2016 Asia, Bubbles, Crash Prophets, Employment, Federal Reserve, Housing, Interest Rates, Investing, Recession, Stimulus, Stocks, Wall Street Comments Off on Peter Schiff: U.S. Stocks In Bear Market, Economy In Recession, ‘Going To Be Longer And Deeper Than The Great Recession of 2008-2009’

Peter Schiff: ‘Inevitable’ QE 4 Will Lead To U.S. Dollar Crisis

On August 28, 2015, Euro Pacific Capital’s Peter Schiff spoke at The Jackson Hole Summit, “the first ever event to discuss monetary and fiscal policy at the same time as the Central Bankers are discussing policy,” according to sponsor American Principles Project. Schiff, who correctly-called the housing bust and economic crisis last decade, warned those in attendance that because the Federal Reserve isn’t allowing market forces to fix imbalances in the financial system, the United States is ultimately heading towards a dollar crisis. From the presentation:

The Fed needs to raise interest rates right now. Not because the economy can take it, but because it can’t. Because, again, it is a bubble that needs to be popped. The sooner we pop it, the better. But of course we’re going to find out that the Fed didn’t save us from the financial crisis. They simply interrupted it. And they kicked the can down the road. And we’ve now caught up to the can. And, the problem is, because we’ve delayed solving the problem- see, the financial crisis was the beginning of the solution. And the Fed interrupted it. The market was trying to fix what the Fed broke. Real estate prices coming down were part of the solution. Banks failing was part of the solution. That recession was part of the solution. And the Fed interrupted it. And instead they gave us an even bigger bubble. And now we’re going to have to deal with that…

All the real economic recovery is being prevented. The Fed has got it all dammed up with its monetary policy. But it’s afraid to release the dam because it’s going to unleash all of these forces, this creative destruction that is so necessary, because we cannot have this genuine economic recovery that would actually lift living standards and create good jobs for the American people. We can’t do that unless we allow this phony economy that’s been resurrected on the foundation of cheap money collapse. But nobody is going to allow that to happen…

And then they’re going to launch QE 4. Which nobody really understands. I think it’s inevitable. I said this from the beginning. I said that when they launched the very first round of quantitative easing that they had walked into, checked into, a monetary roach motel. That there was no way out. Once they went down this line, that we were in for the duration. You live by QE, you die by QE. I said we’d have more QEs than Rocky movies. And I think they had six of those. And of course they got progressively worse. And so I think QE 4 is going to be even worse than the last rounds. And ultimately… ultimately, where we are headed is to a dollar crisis…


“Peter Schiff at Jackson Hole Summit: The Monetary Roach Motel”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

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Tuesday, September 29th, 2015 Bailouts, Banking, Bubbles, Crash Prophets, Currencies, Employment, Federal Reserve, Housing, Interest Rates, Investing, Monetary Policy, Money Supply, Recession, Recovery, Stimulus Comments Off on Peter Schiff: ‘Inevitable’ QE 4 Will Lead To U.S. Dollar Crisis

Illinois Experiences ‘Summer Of The Pink Slip’

On the heels of recent Survival And Prosperity posts (August 18 and 19) about Illinois not being as business-friendly as it could be comes this doozy from the Chicago Tribune website Saturday morning. Complete with headline:

Layoffs could spell more trouble for Illinois

This may be remembered as the Summer of the Pink Slip in Illinois, which already lags behind its Midwestern neighbors when it comes to job growth.

Thousands of layoffs across the Chicago area range from factory jobs at the Mondelez plant on Chicago’s Southwest Side to white-collar jobs at Walgreens’ Deerfield headquarters. The Mondelez layoffs reflect its efforts to cut costs by shifting positions to more efficient operations in Mexico, but most of the recent cuts have resulted from the elimination of redundant jobs following mergers.

It’s a boom year for mergers and acquisitions activity, commonly referred to as M&A, and the job cuts tend to benefit shareholders of the acquired companies. But the silver lining is harder to find for Illinois, which has been grappling with its own enormous fiscal problems…

(Editor’s note: Bold added for emphasis)

“Summer of the Pink Slip.” Nice.

Greg Trotter went on to talk more about the relationship between layoffs and M&A activity in the state, as well as Illinois appearing to have the worst job growth performance of any Midwest state (Federal Reserve Bank of Chicago). You can read the entire piece on the Tribune website here (registration required to access).

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, August 31st, 2015 Business, Employment Comments Off on Illinois Experiences ‘Summer Of The Pink Slip’

Obama Taunts Republicans On Economy: ‘The Sky Hasn’t Fallen, Chicken Little Is Quiet’

Back when I was running this blog’s predecessor, Boom2Bust.com, “The Most Hated Blog On Wall Street,” I remember coming across a number of infamous statements made prior to and during the Great Depression by leaders in government, finance, and industry of the day. For example, as Fox News cataloged back on October 26, 2009:

“We will not have any more crashes in our time.” – John Maynard Keynes (1927)

“There is no cause to worry. The high tide of prosperity will continue.” – Andrew W. Mellon, Secretary of the Treasury. (September 1929)

“There may be a recession in stock prices, but not anything in the nature of a crash.” – Irving Fisher, Leading U.S. Economist, New York Times (Sept. 5, 1929)

“This crash is not going to have much effect on business.” – Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago (October 24, 1929)

October 24, 1929, eventually became known in the history books as “Black Thursday,” when “the Dow Jones Industrial Average plunged 11% at the open in very heavy volume, precipitating the Wall Street crash of 1929 and the subsequent Great Depression of the 1930s,” according to Investopedia.com.

Right before the weekend, the White House published a press release on their website containing a transcript of U.S. President Barack Obama’s remarks Friday at the Democratic National Committee’s Winter Meeting in Washington, D.C. From that document:

I just want everybody to remember that at every step as we made policies, as we made this progress, we were told by our good friends, the Republicans, that our actions would crush jobs, and explode deficits, and destroy the country. I mean, I want everybody to do a fact-check — (laughter) — and go back to 2009, 2010, ’11, ’12, ’13 — just go back and look at the statements that were made each year by these folks about all these policies. Because apparently they don’t remember. (Laughter.)

And now that their grand predictions of doom and gloom, and death panels and Armageddon haven’t come true — (laughter) — the sky hasn’t fallen, Chicken Little is quiet — (laughter)

(Editor’s note: Bold added for emphasis)

Something tells me this remark- akin to calling the outcome of a baseball game while it’s still in the early innings- will end up in the U.S. history books as well down the road, under that section entitled “Second Great Depression.”

“Let’s play two!” No thanks, Mr. Banks.

To be fair, President Obama isn’t entirely responsible for the coming financial crash. The actions of both sides of the political aisle through the decades have made the approaching “financial reckoning day” possible- and likely- in America.

You can read the complete transcript of President Obama’s speech on the White House website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

“False Hope: Famous Quotes During the Great Depression.” FoxNews.com. 26 Oct. 2009. (http://www.foxnews.com/story/2009/10/26/false-hope-famous-quotes-during-great-depression/). 22 Feb. 2015.

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Monday, February 23rd, 2015 Business, Deficits, Depression, Employment, Fiscal Policy, Government, Political Parties, Stocks, Wall Street Comments Off on Obama Taunts Republicans On Economy: ‘The Sky Hasn’t Fallen, Chicken Little Is Quiet’

Robert Kiyosaki: 2002 Prediction Of Huge Stock Market Crash Next Year ‘Holding Course’

“‘Rich Dad’s Prophecy’- [Robert Kiyosaki’s] most recent book- predicts that the market will crash around 2016 when the oldest Baby Boomers start cashing out their 401(k) plans. Individuals whose savings are locked into 401(k) plans will suffer because these retirement plans, aren’t flexible and don’t do well in a bear market…”

-CNN.com, October 30, 2002

How many readers out there know who Robert Kiyosaki is? The American entrepreneur, educator, and investor was quite popular back in the early 2000s. I first encountered him while watching public television around that time, sharing financial and investment strategies taught to him by his rich “Dad” and found in his 2000 New York Times best-selling book Rich Dad Poor Dad. Kiyosaki went on to write a number of books, including Rich Dad’s Prophecy in 2002.

Last Tuesday, Robert Kiyosaki appeared on the Alex Jones Show. Kiyosaki talked about his new book, Second Chance, and other subjects, including a certain prediction made about the U.S. stock market next year. From their exchange:

JONES: The world is just crazy at this point. Give us your prognosis for the planet. There’s obviously opportunities for those of us that are studying it. I mean, I going to do better probably than ever as things get worse. But I’m not happy about that, because I know it’s hurting the average person.
KIYOSAKI: Amen. Alex, I would say exactly the same thing. It doesn’t make me happy that I’m getting richer and richer, and I see my friends getting poorer and poorer. I’m very concerned right now about my generation- the Baby Boom generation, the biggest generation in history. And they bought that program of put all your money in a 401(k) and invest for the long term. Now, I wrote a book called Rich Dad’s Prophecy back in 2002. That was 13 years ago. And I said the biggest stock market crash in the history of the world was coming in 2016. I was kind of guessing. But unfortunately, I didn’t write it to be right. I wrote it out of concern. If I’m correct that in 2002 what I said the biggest market crash was coming in 2016, that means millions and millions of Baby Boomers, their kids, their grandkids, will feel the effect of that when their retirement savings are wiped out. I hope I’m wrong. But so far, my numbers look accurate and it’s holding course right now. So I don’t write because I want to be rich or poke fun or want to be righteous. I am rather concerned about my fellow citizens.

“But so far, my numbers look accurate and it’s holding course right now.”

Disturbing. Kiyosaki added later on in the interview:

I’m just concerned about this possible- I hope it doesn’t happen- but if my “rich Dad” was correct, again, published in 2002 Rich Dad’s Prophecy predicted the biggest crash in the history of the world was coming in 2016. And that’s why I wrote Rich Dad Poor Dad, that’s why I speak, that’s why I write, that’s why I take on the media. But I’m very concerned for my [fellow] citizens. Look, Alex, what happens? Let’s say I’m right- hopefully I’m not. And millions of Baby Boomers lose their pensions, their homes, their jobs- they lose everything. What is the ripple effect throughout the world going to mean to that? We’ve never been here before. Never before has the U.S. dollar, one currency, been the reserve currency of the world- and we’re printing it. The Europeans are printing, Japanese are printing. And you’ve got to look at this and go, “This is not good.” So that’s my concern right now.


“Great Economic Collapse & Currency Meltdown Is Coming
Says Financier Robert Kiyosaki”
YouTube Video

So how is Robert Kiyosaki going to fend off the crisis he still sees coming? While taking phone calls from listeners, Kiyosaki revealed:

I like silver personally. I love gold. I have a lot of gold and silver.

Further insight was provided right before the holidays, when Eve Fisher of The Sydney Morning Herald reported:

“The world is in very serious trouble and the next 20 years will not be like the past two decades,” says Kiyosaki, who predicted the downfall of Lehman Brothers investment bank in 2008 and the ensuing GFC.

“I foresee a global currency crash, like the one that ruined Germany in the 1920s, which will wipe out the poor and the middle class – as the rich get richer.

“People will see that money and shares are not real wealth, just paper, and the way to survive is by acquiring assets – like property, resources, gold and other precious metals.”

Farmers will benefit as land and food become highly valued commodities, he says…

(Editor’s note: Bold added for emphasis)

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

Source:

Fisher, Eve. “Robert Kiyosaki says to prepare for the worst.” The Sydney Morning Herald. 10 Nov. 2014. (http://www.smh.com.au/business/robert-kiyosaki-says-to-prepare-for-the-worst-20141111-11jyhr.html). 21 Feb. 2015.

Robert Kiyosaki’s latest book…

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Sunday, February 22nd, 2015 Agriculture, Asia, Commodities, Crash Prophets, Currencies, Demographics, Employment, Entitlements, Europe, Farming, Food, Housing, Inflation, Investing, Main Street, Mainstream Media, Monetary Policy, Money Supply, Natural Resources, Precious Metals, Retirement, Stocks Comments Off on Robert Kiyosaki: 2002 Prediction Of Huge Stock Market Crash Next Year ‘Holding Course’

Peter Schiff: What’s Suppressing The Price Of Gold

The second installment of Peter Schiff’s Gold Videocast for 2015 is out on YouTube. And Euro Pacific Capital’s Schiff shared his thoughts about what’s been suppressing the price of gold these days. He told viewers:

ObamaCare forces employers to provide insurance for full-time employees. As a result, employers are hiring more part-time workers than they normally would. And that is substantially influencing these numbers. In fact, the real reason that we have such a low unemployment rate and we’re creating so many jobs, is because people are in effect sharing their job. We have a job sharing program…

Traders are ignoring all of the bad economic data that they should be focusing on, and instead just remaining fixated on the job numbers. And I think they are in position to be blindsided when the economy turns around…

So for now, it’s the false belief that the economy is strong, and that the Fed is going to raise rates- based on a misunderstanding of what the jobs’ numbers really mean- that is keeping a lid on the price of gold.

“False belief” plays an additional role in lower gold prices at this time, says Schiff. He added:

One other thing that is happening that should be lifting the prices of gold which is inflationary monetary policies all over the world. You know, more and more central banks are reducing their interest rates, launching their QE programs. Gold prices are rising in terms of those currencies. But the fact that everybody believes the dollar, the U.S. is going to be the lone holdout in the easy money parade- that is what’s keeping gold prices from really going ballistic…

I think we’re going to be leading that parade. Not only are we not going to raise interest rates or not raise them substantially- maybe we get a trivial rate hike although even there I think it’s more likely that we won’t. But we are going to be launching a new QE program- the Mother Of All QEs…

And when the markets realize this, then it’s going to be like taking the lid off the pressure cooker when it comes to the price of gold. And it’s going to be rising sharply. In the meantime, I continue to encourage people to accumulate as much physical gold and silver as they can before the rest of the financial community wakes up to this reality, and they’re rushing to buy these metals at much higher prices.


“Gold Videocast: America’s New ‘Job-Sharing’ Economy”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

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Tuesday, February 17th, 2015 Commodities, Crash Prophets, Currencies, Employment, Health, Inflation, Interest Rates, Investing, Monetary Policy, Stimulus Comments Off on Peter Schiff: What’s Suppressing The Price Of Gold

November Jobs Report ‘Rather Sucked’?

While researching an earlier post, I came across quite a few glowing mainstream media headlines concerning the release of the lastest U.S. employment numbers.

“Strong” was the adjective used most to describe the November jobs report.

Although television personality and CNBC Mad Money host went so far as to call it “kind of perfect”:


ANY CHARACTER HERE

So, was November really “kind of perfect” for employment in the U.S.?

Or, is the devil in the details- once again?

From the Bureau of Labor Statistics “Employment Situation Summary” this morning:

The unemployment rate declined from 7.3 percent to 7.0 percent in November, and total nonfarm payroll employment rose by 203,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in transportation and warehousing, health care, and manufacturing…

Both the number of unemployed persons, at 10.9 million, and the unemployment rate, at 7.0 percent, declined in November. Among the unemployed, the number who reported being on temporary layoff decreased by 377,000. This largely reflects the return to work of federal employees who were furloughed in October due to the partial government shutdown.

(Editor’s note: Italics added for emphasis)

Ah, returning federal workers who were furloughed. As to how many, Paul Davidson chimed in on the USA TODAY website:

Unemployment rose in October because the federal government furloughed about 450,000 workers during the 16-day shutdown. The jobless rate, in turn, was expected to fall in November as those employees were back at work.

Ah, 450,000 returning government workers.

Anyone else detect a horned figure among the employment data?

As for the 203,000 jobs created in November, I wonder how many are low-paying ones? I just thought I’d ask, considering what Chris Isidore wrote on the CNN Money website this morning about this year’s hiring trends:

So in what sectors have the jobs been created? Nearly 1 million of the jobs have come in relatively low-wage sectors. These include retail, leisure and hospitality, temporary workers and some segments of health care such as home health care and nursing homes. That’s almost half the jobs added.

(Editor’s note: Italics added for emphasis)

Just tallying up those areas mentioned by Isidore, I already get 64,000 jobs. Considering there are other low-paying job areas not mentioned by Isidore but part of the report- couriers and messengers (9,000 new jobs last month), for example- and it becomes obvious a lot of low-paying jobs were created once again in November.

As I pointed out back on November 7, 2012:

Burger flippers won’t be spearheading a U.S. economic recovery anytime soon.

President Obama and his supporters like to talk up job creation. But as Isidore also pointed out:

Even with three straight years of adding more than 2 million jobs, the economy has not recovered from the huge loss of nearly 9 million jobs in 2008 and 2009.

The economy will need to add an additional 1.3 million jobs to get back to how many people had jobs when the recession started. And the U.S. adult population has grown by more than 13 million people in those six years. So even getting back to the number of jobs before the recession won’t get the economy completely out of the hole. The Economic Policy Institute calculates the overall jobs shortfall is still at nearly 8 million jobs.

(Editor’s note: Italics added for emphasis)

“The overall jobs shortfall is still at nearly 8 million jobs.”

I know- it’s all Bush’s fault, right?

Before I let you go, keep in mind the following that was also pointed out by the folks over at CNN Money in a related piece this morning. Annalyn Kurtz reported:

Only about 63% of Americans over the age of 16 participate in the job market — meaning they either have a job or are looking for one. That’s nearly the lowest level since 1978, driven partly by Baby Boomers retiring, but also by workers simply giving up hope.

That would help explain all these working-age adults I see driving around during the day in the Chicagoland area who don’t seem to be heading in to or out of some workplace.

I was still a young kid back in ’78. But I’ve asked people who were old enough to know back then what they thought about economic conditions at that time.

Unanimously, they thought they “rather sucked.”

Which could also be said of employment conditions and the jobs report from last month.

You can read the entire November jobs report on the BLS website here.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Davidson, Paul. “Nov. job gains, 203,000: jobless rate, 7.0%.” USA TODAY. 6 Dec. 2013. (http://www.usatoday.com/story/money/business/2013/12/06/jobs-report-november/3881983/). 6 Dec, 2013.

Isidore, Chris. “Five key numbers behind the jobs recovery.” CNN Money. 6 Dec. 2013. (http://money.cnn.com/2013/12/06/news/economy/jobs-numbers/index.html?iid=lead2). 6 Dec. 2013.

Kurtz, Annalyn. “Unemployment falls to 7%.” CNN Money. 6 Dec. 2013. (http://fox43.com/2013/12/06/unemployment-falls-to-7/#axzz2miKFbxKf). 6 Dec. 2013.

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Friday, December 6th, 2013 Employment, Government, Political Parties, Recovery Comments Off on November Jobs Report ‘Rather Sucked’?

Chicago-Area Unemployment Rate Rises To 10.3%

The Illinois Department of Employment Security released employment data for the “Land of Lincoln” yesterday.

Despite 60,700 jobs new being added in June 2013 from a year ago, the unemployment rate in the Chicago-Joliet-Naperville Metropolitan Division also increased .7 percent to 10.3 percent from June 2012.

From the IDES news release:

June local unemployment rates fell in eight of 12 metro areas, according to preliminary data released today by the Illinois Department of Employment Security (IDES). Not seasonally adjusted data compares June 2013 to June 2012. Largest decreases: Metro East ( 0.8 point to 8.2 percent), Lake County (-0.5 to 8.2 percent), Rockford ( 0.5 to 11 percent), and Champaign-Urbana (-0.4 to 8.7 percent). Largest increases: Decatur (+1.6 points to 12.5 percent), Danville (+1.1 to 11.1 percent), Peoria (+0.9 to 8.8 percent), and Chicago-Joliet-Naperville Metropolitan Division (+0.7 to 10.3 percent).

Jobs increased in five metros and declined in seven. Largest increases: Champaign-Urbana (+1.8 percent, +1,800), Chicago-Joliet-Naperville (+1.6 percent, +60,700), and Rockford (+0.7 percent, +1,100). Industry sectors increasing in the most metros: Educational and Health Services (nine of 12), Financial Activities (eight of 12), and Leisure and Hospitality (seven of 12).

I know I’ve mentioned this before, but seeing as I believe the “real” financial crash I started warning about 6 years ago is still on the horizon, Survival And Prosperity readers in Chicago and elsewhere across the country might want to think about taking advantage of an improved job market in their area if it exists- before it’s too late.

You can read the entire IDES news release on their website here.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

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Friday, July 26th, 2013 Employment Comments Off on Chicago-Area Unemployment Rate Rises To 10.3%
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