Peter Schiff

“Don't pay attention to what Warsh says; look at what he does. If he were serious about reducing inflation, the Fed's balance sheet and M2 would be shrinking. Instead, the balance sheet is larger than when he became Fed Chair, and M2 is growing at nearly a 6% annualized rate.”

“Producer prices skyrocketed 1.3% in Sept., almost triple estimates. That annualizes to an inflation rate of nearly 17%! YoY PPI rose 6.3%. Sept. core rose 0.7%. That annualizes to nearly 9% inflation. PPI is a leading indicator of CPI. Despite rate hikes, real rates are plunging.”

“Today in the broader U.S. stock market, 479 stocks made 52-week lows while only 60 made 52-week highs. That's eight stocks hitting new lows for every one hitting a new high. Trump likes to take credit for a booming stock market. But most stocks are actually in bear markets.”

“Both capitalism and socialism try to satisfy the needs and desires of the people. The difference is that only capitalism succeeds. Private owners of capital have a profit motive to satisfy their customers. Government bureaucrats have no such incentive and are instead motivated to use their political power to enrich themselves at the people's expense.”

“I’m tired of hearing Republicans who voted for the Big Beautiful Bill take credit for cutting taxes. They did not. That bill made the federal government bigger and more expensive than ever. The public will bear that burden, which will more than offset those fake tax cuts.”

“U.S. regulators just fined American Express $350 million for critical AML deficiencies that failed to detect about $13 billion in suspicious activity over more than a decade. Yet American Express was not shut down. Nor did regulators hold a press conference to announce the results of their findings. My bank was the subject of an extensive criminal investigation led by the IRS that included four other nations and s…”

“Today Trump announced a deal to supply Russian diesel to U.S. and global markets. Just three weeks ago, he signed a law targeting major buyers of Russian oil and gas with tariffs of up to 100%. The goal was to cut off funding for Putin’s war against Ukraine. So what changed?”

“The U.S. trade deficit rose to $105.6B in August from an upwardly revised $92.8B in July, the fifth-biggest monthly trade deficit in history. However, if you exclude the first three months of 2025, when imports were pulled forward to front-run tariffs, and March 2022, when pent-up demand was unleashed by the reopening of the economy following the pandemic shutdown, the Aug. 2026 trade deficit was the biggest month…”

“29,000 Jobs and Bonds Still Fell.. The Bond Vigilantes Are Here”

“Not only were the 29K jobs created in Sept. below expectations, but as I predicted last month, July and Aug. were revised down by 31K and 29K respectively. My guess is that all three months will ultimately be revised even lower. We have a weak labor market with strong inflation.”

“The 10-year Treasury yield topped 5.33%, the highest since 2002. Our national debt in 2002 was just $6 trillion. Paying 5.33% on that entire amount would cost $319.8 billion annually. On today’s $40.1 trillion debt, it would cost $2.14 trillion annually—more than Social Security.”

“The yield on the 10-year Treasury just hit 5.27%. It first hit 5% exactly two weeks ago. At this rate, the yield will hit 6% by Nov. 5, just two days after the midterm elections. By then the interest rate on a 30-year mortgage will be over 8%. That'll be a major issue for voters.”

“At one time the U.S. was a low debt, low interest rate economy. We then became a low debt, high interest rate economy. After that we got lucky and became a high debt, low interest rate economy. Our luck just ran out. Get ready for our new high debt, high interest rate economy.”

“The S&P 500 is 0.7% below a record high, yet 430 of those stocks are 21.7% below their highs. That means on average 86% of the stocks are in a bear market. Breadth has only been this bad twice, in January 1973 and in 1999/2000. On both occasions, the S&P then crashed nearly 50%”