Consumers are more worried now than at 2022’s 40-year inflation high. Peter Schiff shows why the ‘greatest economy ever’ is pure fiction.
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Consumers are more worried about their finances than at any point in 75 years. Washington calls it a boom.
Peter Schiff takes apart the claim that America has the greatest economy in history. The University of Michigan’s current conditions index just fell to an all-time low in a survey that dates to 1951. Households were less worried during the Cuban missile crisis, the 1970s gas lines, 9/11, the 2008 financial crisis, COVID and the 40-year inflation high of 2022 than they are today. Loan delinquencies are the highest since 2010, and the biggest wealth gains are going to households headed by someone 75 or older, because the same policies that raise the cost of living also inflate the stocks they own.
Peter argues the weak economy explains the week’s politics: a diesel deal with Russia three weeks after a law authorizing 100% tariffs on buyers of Russian energy, a pledge not to bomb Iran until after the midterms, and a committee of Trump appointees investigating Fed governor Lisa Cook. He also covers Fed minutes in which officials concede policy is not restrictive, a 30-year Treasury yield that reached 5.73%, why 7.4% mortgages are a return to normal, the week in gold, silver and Bitcoin, and why barring Microsoft from sponsoring foreign workers sends those jobs, taxes and spending overseas.
Chapters:
00:00 Record Low Confidence
01:03 Trump Boom Claims
03:39 Michigan Sentiment Shock
06:58 75 Years of Crises
11:19 Great Economy Fiction
11:36 Winter Prep Sponsor
12:46 Polls and Debt Stress
16:19 Who Benefits From Boom
17:54 Russia Diesel Flip Flop
22:29 Iran Timing and Markets
24:16 Rename AI to SI
26:06 Lisa Cook Probe Committee
28:51 Mortgage Fraud Politics
30:53 Fed Minutes More Hikes
32:02 Bond Yields New Normal
33:05 Bitcoin Real Estate Debate
36:40 High Debt High Rates
38:15 Weekly Market Recap
39:03 Gold Silver Buy Zone
40:27 Bitcoin Anniversary Reality
42:50 Treasury Yields Reality Check
44:43 H1B Visa Backlash
46:30 Who Owns The Job
52:42 Remote Hiring Consequences
56:29 Wrap Up And Sign Off
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