Lessons From Vegas Don’t Stay in Vegas –  Ep. 269

Lessons From Vegas Don’t Stay in Vegas – Ep. 269

Summary:
My recent trip to Las Vegas for The Freedom Fest provided some interesting lessons. My observations that we are paying more for less were illustrated by the theft of my luggage, as there are no more luggage security checkers in baggage claim exits. Also, for the first time, major Las Vegas hotels are charging from $15 - $18 for parking. This is causing hotel valet workers to lose money, as customers are less likely to leave a generous tip (or any tip) if they are already paying quite a bit to park. So the Las Vegas experience is changing; we're getting less for more money. Prices are going up and wages are going down.
Taking Credit for Phony Statistics
This is the real U.S. economy. Forget about all these phony U.S. statistics. The real world reflects the truth about the economy and why Donald Trump is President. I wish candidate Trump would come back; I would rather see the President questioning phony government statistics instead of embracing them. I'd like to see the President talking about the stock market being a bubble rather than a bull market and claiming credit for the increase.
Weakness in U.S. Dollar
The big story is the continued weakness in the U.S. dollar, in fact this morning the dollar index hit a new low for the year. It's now back in positive territory as I am recording this podcast, but the low this morning was 93.64 on the dollar index. Remember, the dollar index rose about 6% between the election of Donald Trump and the Inauguration, and the reason for the rally was the optimism for economic growth as a result of tax cuts, de-regulation, fiscal stimulus and a tighter Fed.
Senate Backing Away From Repeal
At the time, I argued that that was nonsense, and so far I am being vindicated. We're six months into the Trump Presidency and nothing has happened. They haven't even been able to repeal Obamacare, nor are they going to. The Senate already backed away from the version that I said would not work. Trump did a press conference yesterday talking about Obamacare, assuring everybody that pre-existing ban is going to stay. The very essence of Obamacare is that insurance companies can't charge sick people more for insurance than they charge healthy people. That's the essence of Obamacare that doesn't work and that's what Donald Trump and many Republicans want to preserve.
Preserving the Essence of Obamacare
Of course, in order to achieve that goal, they had to have employer mandates and penalties. These are the only things the Republicans want to get rid of. But they want to preserve the very essence of Obamacare and that's the mandates and penalties were designed to deliver. So now they have to come up with another way to deliver the promise of Obamacare.
Currency Markets Get the Message
The point is, the currency markets have figured this out. The dollar has dumped better than 10% since the Inauguration, but the stock market has made new highs. The Dow Jones is at a new high today; the NASDAQ hit a new high yesterday, so it's a disconnect. The initial rally in the stock market happened for the same reason the dollar rallied. The currency traders have connected the dots. What's the problem with the stock traders? Why are they oblivious?
Dollar Weakness Spark Commodities
The weakness in the dollar is also sparking a rally in multinationals, in commodities. Look at the move today in Freeport-McMoRan a major copper producer; that stock is up better than 13%. Oil prices are coming back up; oil is up better than a dollar today. Emerging markets are strong.
Bullish Conditions for Emerging Markets
I have been saying that a weak dollar is extremely bullish for commodities. Why? Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

Episoder(1081)

SchiffRadio Podcast Episode 16

SchiffRadio Podcast Episode 16

Episode 16 Synopsis: * Looking under the 5.8% unemployment number headline * Biggest increase was in food service * Labor force participation rate is low * Employment costs are high * Gold & gold stocks rally * European markets encouraged by Mario Draghi's stimulus talk * If the economy disappoints, U.S. may look toward stimulus, too Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 15

SchiffRadio Podcast Episode 15

Episode 15 Republican victory a reality only because recovery is a fantasy Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 14

SchiffRadio Podcast Episode 14

Episode 14 The U.S Recovery is as Real as Ireland is a Part of the U.K. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 13

SchiffRadio Podcast Episode 13

Episode 13 Synopsis: Treats on Wall Street Equal one Big Trick. Belief that QE worked sparks optimism: * New record high in Dow Jones & S&P * NASDAQ highest since 2000 * Dollar index closed at a 4-year high * Yen at a 6-year low * Gold/Silver prices at a 4-year low * Gold Stocks at a 10-year low or more Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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SchiffRadio Podcast Episode 12

SchiffRadio Podcast Episode 12

Episode 12 Synopsis: Greenspan's QE Criticism Too Little Too Late * FOMC declares "substantial improvement" in economy. * Does this narrative reflect the best possible spin or ignorance? * Behind the 3.5% GDP number: * Deflator - 1.3% indicates decrease in inflation. * 4.6% surge in gov't spending * Big drop in trade deficit resulting from drop in crude oil prices adds 1.3% to GDP Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

2 Nov 201434min

SchiffRadio Podcast Episode 11

SchiffRadio Podcast Episode 11

Episode 11 Synopsis: Where is the Apology? Preview of the Michael Brown Grand Jury case does not support liberal media's narrative. * The officer knew that Michael Brown had just robbed a convenience store. * The bullets entered Michael Brown from front as he was approaching the officer. * Blood evidence on Michael Brown indicates he was moving toward the officer. * Wounds in upper arm indicate he did not have his arms in the air. * Michael Brown was shot in his thumb at extremely close range. * A majority of eyewitnesses support the officer's testimony Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

2 Nov 201438min

SchiffRadio Podcast Episode 10

SchiffRadio Podcast Episode 10

Episode 10 Synopsis Hillary's Fractured Economic Theory: * Raising the minimum wage will create jobs. * Businesses don't create jobs; the government creates jobs. * Regan Economics "failed spectacularly". * Clinton's economy was based on "arithmetic", not a bubble. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

31 Okt 201420min

SchiffRadio Podcast Episode 9

SchiffRadio Podcast Episode 9

Episode 9 Synopsis * Deflation Spin Cycle: Peter debunks recent articles "redefining" deflation. * QE Infinity: Brandeis economics professor predicts the Fed doesn't need an exit strategy. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

29 Okt 201421min

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