Peter's Blog

Recession Warning? Consumer Debt Climbs Again But Pace Slowing

American consumers continued to pile on debt in February, but the pace of borrowing slowed significantly, another sign the economy could be heading toward a recession. Overall, consumer debt grew by $15.3 billion in February, a 3.8% annual increase, according to the latest data from the Federal Reserve. That compares with an upwardly revised 19.5 […]

Fed Adds Another $94 Billion to Its Balance Sheet in Week Two of Bailout

In the week before it raised interest rates another 25 basis points to fight inflation, the Federal Reserve added more than $94 billion to its balance sheet. This was on top of the nearly $300 billion it piled onto the balance sheet in the first week of its bank bailout. The balance sheet reveals that […]

Fed Adds Nearly $300 Billion to Balance Sheet in One Week With Bank Bailouts

The Federal Reserve added nearly $300 billion to its balance sheet in a single week as it kicked off its loan bailout program for banks. In effect, the Fed loaned troubled banks $300 billion of new money that was created out of thin air. In other words, we got $300 billion in inflation in a […]

February CPI: Six Percent Is Bigger Than Two Percent

The annual rise in the Consumer Price Index (CPI) for February came in at 6%. This was down from the 6.4% annual increase charted in January. The eighth straight monthly decline in CPI seems to have restored faith that the Federal Reserve is winning the inflation fight. But everybody should probably stop and remember that […]

Peter Schiff: The Latest Bank Bailout Is Another Nail in Capitalism’s Coffin

On June 14, 2022, Peter Schiff appeared on Ingraham Angle, and he said, “Thanks to the Federal Reserve, everybody has so much debt that we can’t afford to pay an interest rate high enough to fight inflation. But it is going to be high enough to cause a massive recession and another financial crisis that’s […]

Jerome Powell Performs Open-Mouth Operations; Markets Tank

Federal Reserve Chairman Jerome Powell performed some “open mouth operations” on Capitol Hill Tuesday. Powell talked and the markets freaked out.

Peter Schiff: The Fed Brought a Knife to an Inflation Gun Fight

Despite the hotter-than-expected CPI report, the mainstream still seems convinced that the Federal Reserve can get inflation under control and bring the economy to a soft landing. But Peter Schiff argues that the central bank can’t win this fight – at least not without crashing the economy. Since the Fed isn’t willing to do that, […]

Fiscal 2023 Budget Deficit Already Approaching a Half-Trillion Dollars

Just four months into fiscal 2023 and the US federal budget deficit is already approaching half a trillion dollars. This is a big problem for the Federal Reserve that few people seem to be talking about.

History Rhymes: SchiffGold Friday Gold Wrap Feb. 10, 2023

You’ve probably heard the saying that history might not repeat, but it often rhymes. If that’s true, looking back at the runup to the 2008 financial crisis and Great Recession should cause concern. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey looks at some of the parallels between then and now. […]

Consumer Debt Increase Slows in December But Americans Still Relying on Credit Cards

Consumer debt grew at a slower pace in December, but Americans continued to rely heavily on credit cards to keep up with high price inflation.