Are the Chinese Expecting a Collapse of the US Dollar?

By Peter Schiff

China's recent move to devalue the yuan has sent shock waves through the global financial markets and has convinced most observers that a new front in the global currency wars has begun. The move has caused many observes to envision a new round of competitive devaluations around the globe in which the race to the bottom will intensify. In this scenario they envision that the U.S. dollar will solidify its standing as the only strong currency. This misses the point entirely.

How Socialism Destroyed Puerto Rico, and How Capitalism Can Save It

By Peter Schiff

While Greece is now dominating the debt default stage, the real tragedy is playing out much closer to home, with the downward spiral of Puerto Rico. As in Greece, the Puerto Rican economy has been destroyed by its participation in an unrealistic monetary system that it does not control and the failure of domestic politicians to confront their own insolvency. But the damage done to the Puerto Rican economy by the United States has been far more debilitating than whatever damage the European Union has inflicted on Greece. In fact, the lessons we should be learning in Puerto Rico, most notably how socialistic labor and tax policies can devastate an economy, should serve as a wake up call to those advocating prescribing the same for the mainland.  

The U.S. has bombed the territory of Puerto Rico with five supposedly well-meaning, but economically devastating policies. It has:

Peter Schiff on the Oil Price Collapse

Black Gold Loses Glitter
By Peter Schiff

The stunning 40% drop in the price of oil over the past few months has scrambled global economic forecasts, changed the geo-political landscape, and has severely pressured many energy sector investments. Economists are scratching their heads to determine if the drop is good or bad for the economy or whether cheap oil will add to or decrease unemployment, or complicate the global effort to "defeat" deflation. While all of these issues merit detailed discussions, the first question to address is if the steep drop is here to stay and whether

PETER SCHIFF: All eyes should now be focused on the Swiss voters

The Clock is Ticking in Switzerland
By Peter Schiff

For most of my career in international investing, I had always placed a great deal of faith in Switzerland's financial markets. In recent years, however, as the Swiss government has sought to hitch its wagon to the flailing euro currency and kowtow increasingly to U.S.-based financial requirements, this faith has been shaken. But this week

Peter Schiff: Why Gold Will Rise And Exceed Previous Highs; Destroys Inflationist Advocates

The Abenomics Death Spiral

By Peter Schiff

As Japanese Prime Minster Shinzo Abe has turned his country into a petri dish of Keynesian ideas, the trajectory of Japan's economy has much to teach us about the wisdom of those policies. And although the warning sirens are blasting at the highest volumes imaginable, few economists can hear the alarm. (A longer version of this article can be found in Euro Pacific Capital's Global Investor Newsletter.)

Data out this week shows the Japanese economy returning to recession by contracting for the second straight quarter (and three out of the last four quarters). The conclusion reached by the Keynesian apologists is that the benefits of inflation caused by the monetary stimulus have been counteracted, temporarily, by the negative effects of inflation caused by taxes. This tortured logic should be a clear indication that the policies were flawed from the start.

Although the Japanese economy has been in paralysis for more than 20 years, things have gotten worse since

VIDEO Peter Schiff Statement to Swiss Voters on Gold Referendum

In the video statement below, Peter Schiff makes a direct appeal to Swiss voters to pass the Save Our Swiss Gold initiative on November 30th. The constitutional referendum would require the Swiss National Bank to repatriate its foreign gold holdings and maintain 20% of its foreign reserves balance in gold. If passed, the franc would effectively be the only developed market currency to opt out of the ongoing “currency wars,” and could therefore become a destination for a deluge of foreign capital.




Here's  the full transcript:

Peter Schiff: QE4 is Coming

Governments Need Inflation, Economies Don't

By Peter Schiff

In an article in the UK's Telegraph on October 10, veteran economic correspondent Ambrose Evans-Pritchard laid bare the essential truth of the nearly universal current embrace of inflation as an economic panacea. While politicians, CEOs and economists talk about demand stimulus and the avoidance of a deflationary trap, Evans-Pritchard reminds us that inflation is all, and always, about debt management.

Every year the levels of government debt as a percentage of GDP, for both emerging market and developed economies, continue to go higher and higher. As the ratios push out into uncharted territories, particularly in Europe's southern tier, the ability to "inflate away" debt through monetization remains the only means available to postpone default. Evans-Pritchard quotes a Bank of America analyst as saying that even "low inflation" (not to mention actual deflation) is the "biggest threat to the dynamics of public debt." IMF Managing Director Christine Lagarde ramped up the rhetoric further when she recently told the Washington Press Club that "deflation is the ogre that must be fought decisively." In other words, governments

Peter Schiff: China's Boom and Lust for Gold

Highlights from the clip:

0:20 – The dollar has rallied on the false premise that the United States is the only major central bank in the world that will be ending its quantitative easing.
1:53 – The US economy is weaker than the economies of Europe and Japan. When investors realize this, they will return to gold.
2:30 – China is the world’s largest holder of US dollars. In preparation for a devaluation of the dollar, the Chinese have been moving their reserves into gold.
3:09 – The launch of the iPhone 6 highlights the difference between the US and Chinese economies.
5:02 – China’s official gold holdings are unknown, because the Chinese don’t want the world to know how much more gold they intend to buy.
6:00 – There will be support for gold at the $1200 level, because there are big buyers for the metal in emerging markets across the world, not just China.
6:32 – When confidence in the US dollar disappears, people will turn to gold. When that happens, $1200 per ounce gold will seem cheap.

Peter Schiff: The State of the Gold Industry

The Sound Money Business: Four Years Past and Future Forecast By Peter Schiff Yesterday, I launched a new website and announced the rebranding of my gold bullion dealer from Euro Pacific Precious Metals to SchiffGold. I started this company four years ago to provide a trustworthy option for my Euro Pacific Capital brokerage clients, but it has since grown to become a major US gold dealer in its own right. This landmark for my company comes in the midst of a historic time for the precious metals. The past four years have had highs and lows. We have been experiencing the inflation of remarkable new asset bubbles, and gold’s response has been mixed. But I have reason to believe that over the next four years, gold and silver investors will witness shocking macroeconomic events that put to rest any doubts about the importance of having sound money in every portfolio. Short-Term Memory Lane It’s hard to believe that when I started my gold company in the summer of 2010, the Federal Reserve was already finishing its first round of quantitative easing (QE1). Yet even that massive inflationary program was not enough to paper over the fallout from the credit crisis of ’07-’08. Because the economy did not “return to normal,” Fed Chairman Ben Bernanke had his excuse to begin a second round of QE just a few months later. The government had already started

Peter Schiff Calls for World Bank President Jim Yong Kim to "Fast an Extra Day" This Yom Kippur

Economic Atonement

By Peter Schiff

This Friday is Yom Kippur, the day when Jews around the world ask forgiveness for their transgressions from the year past. Rabbis remind the penitent to dwell on their sins of omission, in which they did nothing when a more thoughtful and proactive action was needed, and sins of commission, in which they actively participated in an unjust action. And while not all economists are Jewish, Gene Epstein the economics editor at Barron's, offered his thoughts on how this applies to the group. 

While Gene is certainly on to something, I think he could have gone much further in his finger pointing. Increasingly, economists are

Peter Schiff's Gold Videocast

Peter Schiff is Chairman of Euro Pacific Precious Metalsand best-selling author of The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country.

Peter Schiff: Central Bank Actions are Going to Take a Miracle to Work

Doubling Down on Inflation
By Peter Schiff

Friday's release of disappointing August payroll numbers should have been a jarring wake-up call warning Wall Street that the economy has been treading on thin ice. Instead the alarm clock was stuffed under the pillow and Wall Street kept sleeping. The miss was so epic in fact (the 142,000 jobs created was almost 40% below the consensus estimate) that

Neighborhood Bully - America Recklessly Throws its Weight Around

By Peter Schiff

On June 30, U.S. authorities announced a stunning $9 billion fine on French bank BNP Paribas for violations of financial sanctions laws that the United States had imposed on Iran, Sudan and Cuba. In essence, BNP had surreptitiously conducted business with countries that the United States had sought to isolate diplomatically (sometimes unilaterally in the case of Cuba). Although BNP is not technically under the jurisdiction of American regulators, and the bank had apparently not broken any laws of its home country, the fine was

Peter Schiff on Another Reason to Move to Puerto Rico

Video: Peter Schiff on Economic Collapse

Peter Schiff is interviewed by CalWatchDog.com’s James Poulos. He hits a home run in this interview.

Peter Schiff and Doug Casey on the REAL State of the Economy

Here's a transcript of a recent Peter Schiff interview of Doug Casey.

Peter Schiff: Joining our program now is Doug Casey, and if you don’t know Doug, he is a libertarian economist. He is a bestselling financial author. He’s an international investor, entrepreneur, and founder/chairman of Casey Research. They publish a monthly newsletter, Casey International Speculator, and most recently Doug has produced a 30-minute documentary called Meltdown America, which I watched just yesterday on the Internet for free. I would encourage everybody to watch it. It’s a very entertaining half hour.

Doug, welcome to The Peter Schiff Show.

Doug Casey: Thanks, Peter. It’s my pleasure.

Peter: So in particular about your movie, which I thought was well done, the story that was most compelling to me was the interview with

Peter Schiff On Steve Liesman's Ridiculous Economic View

Debt is No Salvation

By Peter Schiff

Thus far 2014 has been a fertile year for really stupid economic ideas. But of all the half-baked doozies that have come down the pike (the perils of "lowflation," Thomas Piketty's claims about capitalism creating poverty, and President Obama's "pay as you earn" solution to student debt), an idea hatched last week by CNBC's reliably ridiculous Steve Liesman may in fact take the cake. In diagnosing the causes of the continued malaise in the U.S. economy he explained, "the problem is that

Peter Schiff: Inflation is Everywhere to be Seen and Nowhere Acknowledged

SEE NO EVIL

By Peter Schiff

In this week's release of the minutes from its April 29-30 meeting, Federal Reserve policymakers made clear that they see little chance of inflation moving past their 2% target for years to come. In order to make such a bold statement, Fed economists not only had to ignore the current data, but