Peter Schiff Shared: As Nov. personal sending rose more than income, the savings rate fell to 6.9%, its lowest level since Dec. of 2017. Stimulus money has been exhausted and rising prices are eroding purchasing power. Without more stimulus recession will ensue. Without it inflation gets much worse!
Community Response: Noticed you stopped talking about Bitcoin this week. Must be because you called the bottom again perfectly by being bearish at the worst possible time. Thanks for the lambo!
People Don’t care. They buy Tulip coins and Tesla thinking trash only goes up during inflation. People say market is broken. No, its retail that is broken.
The retail positioning is among the lowest right now. You are clearly talking nonsense and positioning as a whole is pretty damn low a 10% pullback will be bought up instantly.
How about corporate quit selling out jobs to foreign labour then maybe America might be back to number 1 again.
Do you understand how much it costs to employ people in the US? Then taxes and regulations make it impossible. That is why unless they get subsidies they’re not here. Our system is designed that way to maintain World reserve currency status.
Ok Bot, how about looking at CEO and corporate officer salary and benefits vs working class then tell me why they want jobs overseas.
That is a product of big government central planning and unsound money that has unlevelled the playing field. Read Peter’s book how an economy grows and why it crashes then study the Austrian take on money and the business cycle. Good luck, we’re all pissed about the state of the US.
Once we learn the basic of economics, which isn’t difficult or as confusing as the mainstream makes it out to be, we can move on and grow sustainably.
Peter, do deflationary periods ever follow inflationary periods? Can you advise what we are supposed to do in this situation? Gold? Inflation it is they want to erode their national debt anyway.
That’s hyperbolic. All that needs to happen is a slowing in demand. It’ll unclog the supply chain. We’ll get some deflation. Then the stimulus bill will pass and the inflation rate will balance close to the FEDs target.
Why would anyone put money in savings for no return? Might as well buy a new car that you can turn around and sell 6 months later for $10k more than you paid for it.
It is this exact monetary system that spawned the very idea of Bitcoin and it is BTC that will help in our very digital future. Like it or not it is the only way now. USD is dying and gold is stagnant.
Even if there is a stimulus plan, it will collapse, and even if there is no stimulus plan, it will collapse. It’s only a matter of time.
I hear you Pete! I tried sending some fancy roses and it was as much as my income. I normally don’t personally send roses. I like to just place it online and have someone else be personal sending roses.
Yeah but nothing will stop the ‘traditional’ Santa rally. Valuations and metrics have no place on Wall St.
The interesting thing is, I suspect when government gives people money, some of them just buy stocks or bitcoins.
You will be right, someday, but until then, have a Merry Christmas, Happy Holidays and a Wonderful New Year with your family and loved ones.
Consumers can’t save Plus no money, here comes the rise of credit card debt.
Pete, I think you meant to say “with” it Inflation will get worse.
You either raise rates to 30% yesterday or you sink the dollar forever.
What will you be whining about when we get hit by a deflationary period in the coming 1-2 yrs?
Govt will start issuing Amex gift cards soon. “Spend it or lose it”.
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