Peter SchiffVerified account

June consumer credit surged by $37.69 billion, the most on record, nearly twice the consensus estimate. The 10.6% spike pushed total debt to a new record high of $4.319 trillion. That means the trade deficit will explode to a new record high too. This is the biggest bubble ever!

In June a bunch of red states decided to end the federal $300 per week unemployment supplement to pay people to remain unemployed, and in July over 1 million people decided to go back to work. What a shocker!

All the tenants who stopped paying rent because their landlords can't evict them will not pay any back rent once the #evictionmoritorium ends, as they've already spent the money. But once it does end rents will go way up as many rental properties will be removed from the market.

Pres. @JoeBiden claims the best way to fight #inflation is for the #Fed to print more money to fund infrastructure spending. Biden claims such spending will raise productivity, increasing the supply of goods to buy. In reality it will drain productivity and exacerbate inflation.

How is #Robinhood a disruptor? It was able to temporarily build a huge platform by giving away brokerage services for free at a time when the #Fed was giving out money for free. But the "free" services will eventually exact a high price that duped "customers" will ultimately pay.

The June U.S. trade deficit "unexpectedly" surged to a record high $75.7 billion, exceeding even the high end of expectations. Monetary and fiscal policy errors have caused severe structural damage to the U.S. economy. The results are on full display with horrific trade deficits.

Delta did credit me the difference in price between First and coach (after 90 minutes on hold), but that is not the travel experience we purchased.

Also the quality of domestic first class has gone way down, while prices have now gone way up. This is especially true when you pay for first class, but get seated in coach. Also, the huge decline in service quality is a hidden price increase that doesn't register in the #CPI.

Post #Covid travel in America sucks. I paid for three first class tickets on @Delta for my wife and kids to fly from Arizona to New York. The flight was delayed, they substituted a smaller plane and seated my family in coach. You can't even complain as no one answers the phones!

It looks like #Robinhood is sucking all of the air out of the meme stock room. As speculators pile into shares of the highly overpriced Robinhood, they are being forced to dump the shares they already own in several other highly overpriced meme stocks to muster the firepower.

Hotter than expected #inflation news, July ISM Services Index showed prices rising at the fastest pace since 2005, and "hawkish" comments from the Fed's @RichardClarida that interest rates may start rising in 2023, caused a $22 #gold and 50 cent #silver rally to evaporate. Crazy!