Peter's Blog

Most Americans Won’t Be Paying Off Their Credit Cards Anytime Soon

Americans owe over $1 trillion in credit card debt and recent polling data indicates they aren’t paying off those balances anytime soon. According to a CNBC article, nearly half of all Americans carry a balance on their credit cards. Of those, only 30% say they will be able to pay off that balance within the […]

The Credit Risks Hiding Behind the Averages (Video)

As we reported last week, consumer debt continues to break records month after month. Americans owe over $4.3 trillion dollars in revolving debt (primarily credit cards), student loans and auto loans. When you factor in mortgages, the number climbs to $13.54 trillion. That figure was $869 billion higher than the previous peak of $12.68 trillion […]

The Problems Are Right Here in the Good Ol’ US of A: SchiffGold Friday Gold Wrap 03.15.19

Federal Reserve Chairman Jerome Powell appeared on 60 Minutes last Sunday to reassure us that the US economy is great. There’s nothing to worry about. So, why the sudden reversal in Fed monetary policy? According to Powell, the central bank is just worried about slowing global growth. But as Mike Maharrey discusses in this week’s […]

Consumer Debt Breaks Yet Another Record in January

Total consumer debt broke another record in January, according to the latest report by the Federal Reserve. Borrowing increased by $17.05 billion in the first month of 2019. The increase pushed overall consumer borrowing to a new $4.03 trillion record. That compares with $3.84 trillion in January 2018. That represents a 5.1% annual increase.

Peter Schiff: We’re not Borrowing Ourselves Rich; We’re Borrowing Ourselves Broke

Peter Schiff has been saying that despite the recent stock market rally and all of the optimism about an end to the trade war, a recession is a done deal. There is plenty of economic data to back up despite the recent economic growth. In his most recent podcast, Peter Schiff said that while the […]

Student Loan Bubble Just Keeps Getting Bigger

Based on the latest data, the student debt crisis in America isn’t about to end any time soon. US household debt climbed to a record $13.54 trillion in the fourth quarter of 2018. Student loan debt makes up a sizeable chunk of that total. In fact, student loan debt now ranks as the second-largest consumer […]

Monetary Drug Pushers Have Created a World of Corporate Debt Junkies

After Jerome Powell indicated that the Federal Reserve tightening cycle was on pause during last week’s FOMC meeting, Peter Schiff said, “The monetary drug pushers at the Federal Reserve gave the addicts on Wall Street exactly the fix that they had been craving.” Peter often compares the markets to drug addicts. They are addicted to […]

Global Debt at Record Levels

What happens when central banks push interest rates to zero – in some cases below zero – and hold them there for nearly a decade? You get debt. Lots and lots of debt. Record levels of debt, in fact.

Looking Back; Moving Ahead: Friday Gold Wrap 12.28.18

The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news coupled with thoughtful analysis. You can subscribe to the podcast on iTunes.

Student Debt Bubble: 43% of Loans “In Distress”

Student loan debt has grown to over $1.5 trillion. And that just accounts for loans held by Federal Student Aid. It doesn’t include private loans. Meanwhile, the Department of Education says 43% of those government-backed loans are considered “in distress.” In a speech last month, Education Secretary Betsy DeVos put the current level of student […]