The Worse Things Get, the Less Investors Notice – Ep. 337
The Peter Schiff Show Podcast15 Mars 2018

The Worse Things Get, the Less Investors Notice – Ep. 337

Retail Sales Down Three Months in a Row
I've got so much to talk about today, it's hard to even figure out where to begin. So I'll start with some of the economic data that came out today, in particular, the February Retail Sales number. Remember last month we had a bad number, -.3, the second month in a row we had a decline in retail sales. The expectation was for a big rebound in February, +.4. Now, I suppose the good news, if you are looking for retail sales to pick up is that they revised the January number upward from -.3 to -.1. Still a drop, but not quite as big. But instead of getting a rebound, we got another drop! We got another .1% decline in February. That's a trifecta. Three months in a row of falling retail sales. That hasn't happened in 6 years. This is pretty rare.
Great Jobs, Lousy Sales
Why is this happening? Remember on Friday, we got this "beautiful", too-good-to-be-true, just what the doctor ordered jobs report that said about a million people got jobs. Why didn't any of those million people take their paychecks and spend them at a retailer? Trump is talking about all the great jobs and all the raises that people are getting and all the tax cuts, why are retail sales down for 3 months in a row?
Spike in Inventory Numbers
In fact, we also got some inventory numbers that came out that spiked up because of an 18-month slump in sales. So inventories are building because nobody is buying what's on the shelf. Well, that doesn't make sense if you believe the economy is great and we've got all these jobs. But if you're like me and you've been very skeptical of the economy being good, this is a validation, because Americans are broke.
Borrowing at Record Highs
This is despite the fact that borrowing is at a record high. Consumers are borrowing a lot of money, yet they're not spending it on retailers, what are they doing with the borrowed money? The government is borrowing a lot of money, we're running these huge deficits, yet it is not even affecting retail sales. That is really the goal, they want people to go out and shop, and it's not happening.
Atlanta Fed Again Lowers Q1 GDP Estimate
After the retail sales numbers came out, we got the Atlanta Fed updating their forecast for Q1 GDP. Remember, this is the forecast that was at 5.4% about 5 or 6 weeks ago. Of course, you remember on my podcast, as soon as that came out, I said, "This is crazy. There's no way we're going to be anywhere near that. They will be doing this limbo for weeks and months and they're going to be lowering the bar". On Friday, I reported on my podcast that they has lowered the bar to 2.5%, the lowest forecast since they started forecasting Q1 for 2018. And what I said on Friday was, "They aren't done going lower. there's room for this bar to go down". I said I thought that the GDP for Q1 would be under 2%.
Goldman Sachs Also Lowers Q1 GDP Forecast to 1.9%
Today, after these retail sales numbers, the Atlanta Fed went down to 1.9%. That is a decline of 65% in their forecast from 5 or 6 weeks ago. It's not just the Atlanta Fed. Goldman Sachs is now at 1.9%. And you know what? This is probably not the low water mark. I think there is at least a 50-50 shot that we end up with a zero handle on Q1 GDP.
Borrowing Q2 GDP Growth and Shoving it into Q1
Given how weak the data has been coming in, especially the big trade deficits. The only reason we might end with a 1 handle and not a zero handle is these rising inventories. In the short run, they give a boost to the GDP, but if inventories are rising because nobody is spending, what does that mean? That means that businesses are going to allow the inventories to wind down, they're not going to keep stocking up. So what we're doing is we're borrowing GDP growth from Q2 and we're shoving it into Q1. 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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Jobs Up But Earnings and Participation Down – Ep. 42

Jobs Up But Earnings and Participation Down – Ep. 42

* December jobs report up; unemployment down * Average hourly earnings dropped * Labor force participation hits new low, except for older Americans * Fewer young workers supporting the Social Security system * Most credit comprised of student loans and auto loans * Auto delinquencies highest since 2008, indicating a bubble * Obama's plan to make community college free will further inflate costs * Charles Evans calls for more inflation before raising interest rates * Denies relationship between cheap money and bubbles * The term "patience" indicates no timeframe for higher rates * Gold stocks very strong and gold prices continue to rise in face of rising dollar 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

11 Jan 201521min

Gold Breaks Out, Stocks Break Down – Ep. 41

Gold Breaks Out, Stocks Break Down – Ep. 41

* World markets left the gates weak on first full trading week of the year * Catalysts: Declining oil prices and Greece's potential Eurozone exit * The Euro has gone sideways against the dollar for 9 years * The U.S. stock market will decline until the market believes rate hikes are off the table * U.S. will not experience accelerating growth in 2015 * Evidence shows the home market is not strengthening * Young entrepreneurship at a 20-year low * Falling oil prices are a symptom economy is not expanding 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

6 Jan 201522min

As The New Year Begins, Will The Recovery End? – Ep. 40

As The New Year Begins, Will The Recovery End? – Ep. 40

* Falling unemployment trends seem to be over * PMI "unexpectedly" drops to 53.9% * Construction spending "unexpectedly" fell .3% * December ISM fell to 55.5 * Draghi's comments at ECB sparked U.S. Dollar rally despite weak data * Eurozone QE not likely * 2014 was a flat year for gold, despite bad press * Dollar price based on higher interest rate expectations * Price of gold has tripled since 2005 * Gold mining costs rise with inflation * The real bubble is the confidence in central bankers 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

4 Jan 201535min

Christmas Snow Job on Wall Street – Ep. 39

Christmas Snow Job on Wall Street – Ep. 39

Christmas Snow job on Wall Street * Dow ended Christmas Eve Day above 18,000 for second day * Catalyst was bigger than expected revision to Q3 GDP to 5% * Big disconnect between economic performance and expectations * Consumer spending up mostly on healthcare * Inventory increases in expectation of future sales * Data for Q4 is lower * Home sales continue to drop 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

25 Dec 201426min

SNB Takes Snap From The Fed And Markets Run With The Ball – Ep. 38

SNB Takes Snap From The Fed And Markets Run With The Ball – Ep. 38

SNB Takes Snap From The Fed And Markets Run With The Ball * Negative deposit rates in Switzerland send U.S. stocks up 420 points. * Two-day Wall Street rally over 700 points on nothing but Central Bank inflation * Swiss move triggers QE speculation and higher gold prices * Janet Yellen merely suggested the economy is strong enough to raise rates in the future * Meanwhile, economy is slowest since last February 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

19 Dec 201422min

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her – Ep. 37

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her – Ep. 37

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her - Ep. 37 * FOMC wrapped up meeting with Yellen press conference * Most people expected "considerable time" to be dropped * Bloomberg believes "considerable" dropped in favor of "patience" * The Fed didn't change anything * The Fed didn't actually say anything * Markets up on Yellen's optimistic non-news * Why wait to raise interest rates? * The longer the Fed waits to raise rates, the more painful it will be for the economy * What is the Fed's strategy if economy slows down? 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

18 Dec 201425min

You Know the Bubble’s About to Pop When Jim Cramer Gives Germany Economic Advice – Ep. 36

You Know the Bubble’s About to Pop When Jim Cramer Gives Germany Economic Advice – Ep. 36

You Know the Bubble's About to Pop When Jim Cramer Gives Germany Economic Advice Ep. 36 * Oil and Russia viewed to be at the epicenter of this week's market chaos * Why is the oil price dropping? The market anticipates a drop in demand due to global recession * Winding down of QE triggering market instability * Economic data still pointing to weakness * Russia raised interest rates to 17% * Ruble crisis is a "dress rehearsal" for the dollar crisis * Our currency crisis will be worse because of our debt * Euro and Yen rallying * This morning gold was up, down, ended up * Volatility indicates changing trends * A recession in the U.S. means QE4 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

17 Dec 201424min

Yellen’s Recovery is as real as George ‘s Beach House Ep. 35

Yellen’s Recovery is as real as George ‘s Beach House Ep. 35

Yellen's Recovery is as real as George Costanza's Hamptons Beach House Ep. 35 * Volatile Friday followed by Monday rally trend * The stock market has rallied very high very fast with little technical support. * The gold market had its best week relative to equities. * Only a dozen markets have beaten gold this year. * Rally started with Michigan Consumer Sentiment assisted by Dodd/Frank revisions. * The dollar was mixed at Friday close. * The oil market is indicative of the Fed's movements. * The Fed's history predicts continued to support for bubbles with additional QE, despite reports to the contrary. * QE4 will be bigger than previous QE's and will precipitate higher oil prices. * The pretense that QE is over has fueled the market, but QE4 will trigger the bursting of multiple bubbles. 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

13 Dec 201430min

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