Author: 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 … Continue reading →

The past four years or so have been extremely frustrating for investors like me who have structured their portfolios around the belief that the current experiments in central bank stimulus, the anti-business drift in Washington, and America’s  mediocre economy and unresolved debt issues would push down the value of the dollar, push up commodity prices, and favor assets in economies with relatively low debt levels and higher GDP growth. But since the beginning of 2011, the Dow Jones Industrial Average has rallied 67% while the rest of the world has been largely stuck in the mud. This dominance is reminiscent of … Continue reading →

It is well known that I don’t think much of the ability of government officials to correctly forecast much of anything. Alan Greenspan and Ben Bernanke have made famously clueless predictions with respect to stock and housing bubbles, and rank and file Fed economists have consistently overestimated the strength of the economy ever since their forecasts became public in 2008 (see my previous article on the subject). But there is one former Fed and White House economist who has a slightly better track record…which is really not saying much. Over his public and private career, former Fed Governor and Bush-era White … Continue reading →

Peter Schiff lays out for RT the future he sees for both Greece and China. As China abandons its communist past, he sees the Eastern country continuing to grow as an economy and world trade partner. Meanwhile, Greece’s debt crisis and basically socialist leadership is a stark reminder of the problems facing the West. Follow along with this transcript: RT: What the options would be for Greece if it leaves the eurozone. Could Greece become the free market paradise of Europe like Singapore or Hong Kong in Asia? Peter: Not with its current leadership, unless they do an about face … Continue reading →

Over the past decade or so, “transparency” has become one of the buzzwords that has guided the Federal Reserve’s culture. The word was meant to convey the belief that central banking was best done for all to see in the full light of day, not in the murky back rooms of Washington and New York. The Fed seems to be on a mission to prove that its operations are benevolent, fair, predictable, and equitable. Part of that transparency movement took shape in 2007 when the Fed began publicizing its Gross Domestic Product (GDP) forecasts, which previously (to the frustration of … Continue reading →

One proposed solution to Greece’s European debt problem is for the Mediterranean country to abandon the euro and resurrect its old currency, the drachma. In his April Gold Videocast, Peter Schiff explains why a new drachma would be ideal for Greek politicians, but a disaster for Greek citizens and creditors. Peter also reveals why the United States faces the same debt dilemma as Greece. There’s just one major difference – the US already has a currency it can devalue. Follow along with this full transcript: “As you may or may not have heard, the Greek government is thinking about reintroducing … Continue reading →

I have always argued that quantitative easing and zero percent interest rates were misguided policies to combat economic weakness. But as the years went on, misguided turned into irresponsible, which led to ridiculous, and then turned into dangerous. But lately, the only word that comes to mind is “surreal.” How should we react when central bankers begin to speak like Willie Wonka? Contained in the latest release of the Minutes of the Federal Reserve’s Open Market Committee (Jan. 27-28, 2015) was a lively discussion of how to say something without anyone understanding what is being said. Although I have been critical of the Fed for … Continue reading →

In 2014, a record number of Americans renounced their United States citizenship for the second year in a row. Even though exit fees are rising, more and more people are willing to jump through hoops to escape the American tax man. Indeed, our Chairman Peter Schiff even relocated one of his companies to Puerto Rico last year to reduce its tax burden. From his new condo in Puerto Rico, Peter shares his insights into this new American diaspora and how you can opt-out of overbearing government without leaving your country behind. Follow along with this full transcript: Last year in … Continue reading →

If anyone had any doubt how severely the global economy has been distorted by the actions of central bankers, the “surprise” announcement last week by the Swiss National Bank (SNB) to no longer peg the Swiss franc to the euro should provide a moment of crystal clarity. The decision sent the franc up almost 30% in intraday trading, a scale of movement that is unprecedented for a major currency in the modern era. Although very few in the media or on Wall Street fully understand the ramifications, the situation that forced the Swiss to abandon the peg will soon be … Continue reading →

Markets are still reeling from yesterday’s news that the Swiss National Bank has removed the currency cap on the Swiss franc. Still wondering exactly what this means for European and American investors? Peter Schiff explains to RT what this means in the larger context of the international currency war. It’s good news for the Swiss people, but Americans still have a long way to go before losing confidence in the Federal Reserve. Follow along with this transcript of Peter’s interview: “First of all, it’s not just the euro that collapsed. The US dollar collapsed almost as much. I think it … Continue reading →