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Jerome Powell is like a kid playing with matches and he’s dangerously close to starting a fire he isn’t going to be able to control. The Federal Reserve nudged interest rates up again last week. It was the seventh hike since the Fed launched the current tightening cycle in December 2015. The Fed Funds Rate […]
The US debt continues to skyrocket and it’s costing Uncle Sam more and more money just to make the interest payments. The US public debt hit a record high of $21.145 trillion on the last day of May. Meanwhile, the cost of servicing all that debt also spiked, increasing by $26 billion through the first […]
A lot of seemingly positive economic data came out last week, but in his most recent podcast, Peter Schiff said it is just feeding into a delusional economic narrative that ignores the most fundamental storyline – debt. Everybody is talking about a new era of prosperity, but Peter said it’s a phony prosperity and it […]
Up until 1964, silver was literally money in the United States. Dimes, quarters and half-dollars were made from 90% silver. Looking at the value of these silver coins today reveals just how much the US government and Federal Reserve have devalued American money. Gold tends to get more attention than silver, but the white metal […]
Americans have loaded themselves down with debt and some are struggling to pay the bill. Total household debt hit a record $13 trillion in 2017, eclipsing levels seen on the eve of the Great Recession. Americans have been burning up the credit cards. Revolving debt grew by $26 billion in the fourth quarter of 2017 alone, a […]
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.
Rising interest rates could unleash a zombie company apocalypse – if the Fed lets it happen. Corporate bankruptcy levels in the US hit seven-year highs last month. New Chapter 11 bankruptcies surged 63% year-over-year in March. All-told 770 companies filed for Chapter 11 protection last month. That is the highest level since April 2011.
Stock markets had another bad day Tuesday. The Dow Jones fell over 400 points as the 10-year Treasury yield broke through 3%. Several “marquee” companies warned of higher costs, including Google-parent Alphabet and Caterpillar. In his latest podcast, Peter Schiff said he thinks the correction is over. Not the downward move. That is not the […]
Can the auto industry survive in a high interest rate environment? We’re about to find out. Earlier this month, we reported that the air has started to come out of the subprime auto bubble. Nevertheless, Americans are still buying cars. Last week, we got a Commerce Department report that consumer spending was up thanks in […]
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.
