The Peter Schiff Show Podcast

* Disney's theme parks are a monument to capitalism as it existed when Walt Disney envisioned Disneyland * The Hall of Presidents, however manages to honor presidents who supported big government over the free market * The choice of presidents demonstrates revisionist history that supports the liberal, big-government narrative * Whenever you expand government you contract liberty * The Dow ended t...

* Dollar usually drops on bad news but rallies because traders automatically buy on the dip * Bad news is dismissed because the first quarter "doesn't count" * This puts greater pressure on the last 3 quarters to make up for the first quarter and still show growth * Expectations of a bump similar to last year are based on non-repeatable conditions - Obamacare and inventory build * Inventory to sal...

* Markets continue to rally worldwide * Record highs overseas - much more action in Asia * Markets riding a sea of liquidity * Gold had an interesting week, closing at 1207 * The dollar had one of its best weeks in months * In terms of other currencies gold was at a 2-year high * This means that the euphoria about the dollar is not universally shared * Commodities in general were up - crude oil wa...

* Big double standard in the media regarding "sexism" * Rolling Stone story based on complete fiction about a woman who claimed she was raped in a fraternity house * The reporter accepted the woman's story without checking sources * After the facts were out, the reporter apologized to everyone except the men who were falsely accused and the fraternity involved * Where is the outrage that the real...

* Media's take: Why run for President if you can't win? * "He's too Libertarian to win" * "He is not as Libertarian as his father" * "Rand Paul is closer to the mainstream than his father" * His chances are as good as anyone's at this point * He is actually closer to his father than he is to the mainstream * If you like Ron Paul, how can you not like his son? * Rand will maintain his father's supp...

* When employers empower certain groups with special privileges they become clubs with which to beat the employer * Employers are then reluctant to put themselves in a position to be bashed with that club * Large companies must prove diversity and go out of their way to hire minorities * That kind of discrimination is the right of the employer * Whenever you hire anyone you make yourself vulnerabl...

* Markets are finally getting a chance to react to worst jobs report in two years * March non-farm payrolls coming in at about half of forecast * Dollar was off about 1% on FOREX * Stock futures were down on opening bell but shot 100 points higher * "Bad News is Good News" rally * CNBC thinks jobs takes June rate hike is off the table - but it was never on the table in the first place * The Fed wi...

* April Fool's Day and all the fools are buying U.S. stocks * Atlanta Fed GDP Now Estimate for Q1 GDP finally down to zero * Despite the fact that the economy is worse than the 2008 crisis, Wall Street expects a Q2 boom * Last Q2 was boosted by Obamacare spending and inventory build * No data supports wishful thinking that Q2 will stage a comeback * U.S. corporate profits fell despite Wall Street...

* Indiana passed a law to prevent lawsuits targeting religious objection * Pressure and feigned outrage from the left wing machine causes Governor to walk back the meaning of the law * The mark of a free society is the willingness to tolerate intolerance * Liberals are the most intolerant of other peoples' intolerance * In a free market there is always someone who wants my business, even if someon...

* If an employee sues an employer falsely, the employer has no recourse, because it could be interpreted as retaliation * Ms. Pao lost not only on her discrimination claim, she also lost on claim that she was retaliated against * The big problem is the reaction in the media * The tone in the press is supportive to Ms. Pao, even though she was not telling the truth * She was suing for $16 million -...

* Pao v. Kleiner Perkins: there should be no damage even if there was discrimination * The law against discrimination is unconstitutional * Employees are free to discriminate - they can work for whomever they want * Why should an employer then lose that right? * Everyone should be free to deal with the consequences of their choices Our Sponsors: * Check out Chilipad and use my code GOLD for a grea...

* Near 300 point drop in the Dow * NASDAQ down 118 * S&P down 30 points * $1.50 gain in oil and oil stocks up * No significant economic news that would trigger this move * Dollar was not down much lower on day * The 110 level is holding back the euro * Expectations that the euro will roll over on higher U.S. interest rates kept the dollar up * A weak stock market is bad for the dollar and good...

* Bad economic news coming in is more a deluge than a trickle * Dollar continuing to drift lower since "patience" was removed * New Zealand Dollar record high against the euro and the Australian dollar * New Zealand enjoys a strong currency, economic growth, low inflation and low unemployment * Swiss franc had a strong day today * Chicago Fed National Activity Index revised down to -.11 * Three co...

* The Fed removed the word "patience" from their statement while promising patience * We are likely to see weaker employment numbers, further delaying talk of rate hikes * Pundits who failed to foresee the 2008 crisis are now saying the "problem is solved" because they do not understand the problem * The problem is worse now than ever * The Fed caused the 2008 crisis and they are in the process of...

* The Fed released long-awaited FOMC official statement * Indicating they will be more patient without the word "patient" than when they were officially patient * Why take the word away in the first place? * The Fed wants to appear to be moving closer to a destination to which it has no intention of arriving * The Fed is clearly more concerned about the economy today; they reduced growth estimates...

* The Foreign exchange markets continue to ignore the darkening U.S. economic picture * Dollar had best two-week gain since the financial crisis of 2008 * Market exuberance based solely on the jobs report which is an outlier among all other negative news * Why aren't the jobs numbers being questioned? * We have had three consecutive months of declining retail sales * Falling prices are reflecting...

* The NASDAQ 5,000 party ended nearly the day it began * NASDAQ down more than 80 points * Dow Jones down 332 points * Outside reversal week a reliable pattern signaling a downturn * The market believes optimistic non-farm payrolls will trigger Fed rate hike * Dollar hitting new highs * Janet Yellen is the victim of too much success, allowing for rate hike assumptions * All data other than jobs nu...

* February Non-Farm Payrolls Number - 295,000 jobs * Unemployment down 5.5% * Analysts were expecting a miss * Dollar at a new high * Productivity dropped 2.2% * Factory orders fell for the 6th consecutive month * Economic data points only seen during recessions * The Dow closed down - NASDAQ down more * Labor force participation rate is down * Average hourly earnings flat * Number of people not i...

* Poland became the 21st country to lower interest rates this year * New record low to 1.5% * Polish economy is strongest in three years * Growing faster than the U.S. economy * Policy conundrum: what is inflation target? * Low inflation stimulating Polish economy * Yet Central Bankers look to illogical Keynesian textbooks * Where is the evidence that deflation is undermining the economy? * There...

* First trading day of march - NASDAQ closed above 5000 for the first time in 15 years * Each time the market goes up with crazy valuations, pundits say, "This time it's different." * This time the Fed is under more pressure to create the illusion of prosperity * Today's rally came against the backdrop of weak economic data * The only way this bubble won't burst is if the Fed intervenes with more...

* Government released revised estimate for Q4 GDP * Initial estimate was 2.6; revised down to 2.2 * Economic growth dipped from 5% in Q3 to 2.18% in Q4 * PMI was expecting 58.7 but plunged to 45.8, indicating contraction * Alan Greenspan commented that the U.S. economy is weak * Greenspan cites declining U.S. productivity * Points to declining gross domestic savings brought on by entitlement progr...

* Janet Yellen's prepared remarks were the most dovish yet * If economy is improving, why do we still need "a high degree of accommodation?" * There is still room for "substantial improvement in the labor market" * Any modification of guidance will not necessarily indicate rate increase * Yellen states lower energy prices is positive for the economy, yet looks for higher inflation * The Fed says o...

* Patricia Arquette claims that there is a still an unfair gender wage gap in the labor market * If that were true, all employers - male and female - would hire women first, because they are more cost effective employees * But they don't * Women who choose to balance family with career often accept lower-paying positions * Women do not make less money for the same work * They make less money for d...

* Two days of bad economic news this shortened week * The Fed still says the economy is recovering * Recent FOMC minutes maintains pretense they can raise interest rates * FOMC members are worried about raising rates "too soon" * The Fed is worried about how to remove the word "patient" from communications * How confident can the Fed be in the "recovery" if they still fear raising interest rates?...

* Friday 13th was not unlucky for Wall Street * S&P 500 traded to an all-time record high * The Dow closed above 18,000 * NASDAQ at almost a 15-year high * Despite overall trend of weak corporate earnings * Weak economic data does not dampen Wall Street's spirits * Central Banks are behind the surge with excess liquidity * Wednesday - Mortgage Applications plunged 9% * Purchases declined 7% fo...