Damn the Recession, Rate Hikes Ahead – Ep 831

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 3 August 2022

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

· Treasury yields surge.
· Fed forgets about inflation averaging.
· Households take on all time record debt.
· Nominal wages are going up, but real wages are collapsing.
· China can do more damage to our economy without harming Nancy Pelosi.
· Buy gold before the Chinese beat you to it.

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Transcript

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0:00.0	Today's podcast was recorded yesterday.
0:02.9	If you want to listen to my podcast, commercial free, the day that I record them, go to shifredio.com
0:09.1	slash premium.
0:10.1	It only costs $5 a month.
0:12.3	The Peter Shif Show.
0:21.1	Today's podcast is sponsored by Bambi.
0:23.6	HR managers ain't cheap.
0:25.7	Their salaries average $70,000 a year.
0:29.7	So go to bambi.com slash gold.
0:31.7	The schedule, your free HR audit.
0:34.8	The Dow Jones fell just over 400 points today, led lower by a near 6% decline in caterpillar.
0:43.0	In fact, all of the major stock market indexes finished today in the red, although the percentage
0:49.6	loss in the Dow was certainly the greatest.
0:52.9	But I think the bigger action took place in the foreign exchange market and in the gold
0:59.7	market.
1:00.7	We saw rather significant reversals on this reversal Tuesday.
1:06.0	We'll see if this reversal has legs or if it's just a one-off event.
1:11.7	Earlier this morning, the dollar index got all the way down to 105 spot 05.
1:18.2	Remember, I've been talking about 105 as a key level on this podcast for a while and
1:24.1	we got right down to 105 before the dollar reversed.
1:29.2	It actually shot up 88 points on the day.
1:32.2	It closed at 106.30.
	...

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