Peter SchiffVerified account

Oct. Consumer Sentiment plunged to 71.4, its 2nd lowest since 2011, with buying conditions for vehicles and appliances sinking to record lows. The problem is that #inflation expectations surged to 4.8%, the highest level since 2008. Looks like it's anchors aweigh on 2% inflation.

#Gold is selling off on higher than expected Sept. retail sales. The view is that higher sales indicates a stronger economy and therefore a more hawkish #Fed. But retail sales are up mainly because consumers are paying more, not buying more. Higher #inflation is bullish for gold.

Since few qualified minorities volunteered their services, the museum fired the white women who did and paid a smaller staff of less qualified minorities $25 per hour to do inferior jobs. In the name of diversity customers will pay higher prices for fewer tours of lower quality.https://twitter.com/zerohedge/status/1448643583725166593 …

Producer prices jumped .5% in Sept, bringing the YOY rise to 8.6%. We haven't experienced #inflation this bad since the #stagflation of the 1970s. The difference is the numbers didn't get this bad until the end that decade. The current stagflation decade is just getting started!

#Gold finally rallied following worse than expected #inflation data. If investors now realize that bad news on inflation is good news for gold, the rally has a long way to go. It's also bad news for #Bitcoin. If real gold is rising there's no need to settle for a cheap imitation.

Pres. @JoeBiden wants America to be less reliant on imports, and claims his plan to make the Federal Govt. larger and more expensive will result in more domestic production. But shifting more resources from the private to public sector will make the U.S.A. even less productive.

What is often overlooked is that as #inflation expectations push interest rates up, this adds to the upward pressure on consumer prices. That's because interest costs are another component of the cost of production, and will be passed on to consumers in the form of higher prices.

The media must stop referring to food #inflation, energy inflation, wage inflation, commodity inflation, etc. as it lets the #Fed off the hook. There's only one kind of inflation, the expansion of the money supply. So it's all monetary inflation, and it's the Fed that creates it.

Once again the #CPI rose more than expected, adding .4% in Sept. This brings the YOY gain to 5.4%, and the annualized 2021 rise to 6%. #Gold immediately gave up a $15 gain after the release of hotter than expected #inflation data, as traders expect the #Fed to put out the fire.

Of the 5 possible candidates @PredictIt sees as potentially replacing Powell as #Fed Chairman, 3 are African American men and 2 are women. I don't think Powell is doing a good job, but neither his race nor his gender is a factor. Any of the 5 possible replacements will be worse!

For years the #Fed worried that #inflation was too low, and its stated goal was to raise the rate. I always pointed out the absurdity of such a policy. I warned that once inflation got too high, there would be no politically viable means for the Fed to bring the rate back down!