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Peter Schiff Profile picture
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Sep 14 • 3 tweets • 2 min read
Annual consumer price increases are cumulative. YoY Aug. 2022 #CPI rose 8.3%, but YoY Aug. 2021 CPI rose 5.3%. That means the cost of living is up by 13.6% in just two years. Even if the #Fed reduces Aug. 2023 YoY CPI to 2%, Americans would pay a 15.6% #inflation tax every year.
Actually I forgot about compounding. The actual increase over the two years was 14%.
Plus the correct 3-year increase is 16.3%. But again that is only if #inflation comes down to 2%. It's far more likely the 3-year increase will be 20% -25%!

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More from @PeterSchiff

Peter Schiff Profile picture
Jul 3
Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.
The reason regulators gave for tuning down the sale is that post sale I would own 4% of the company buying the bank. They said that due to the bad press about me, they did not want me owning 4% of a bank, even though the know first hand the allegations in the media are false.
They never let me know they objected. I found out in C&D order to shut down the bank. Had they ever told the 4% stake was a problem I would have restructured the deal. I just wanted out. I had to put in $7 million in the last 2 years to cover operating losses due to bad press.
Read 4 tweets
Peter Schiff Profile picture
May 31
Student loan debt forgiveness is a horrible idea that will result in the following. 1) Higher #inflation: Money that otherwise would have been used to repay debt will be used to purchase goods and services instead. This increase in demand will drive up prices. 2) Much higher...
college tuition: Student loan forgiveness will create the moral hazard of encouraging students to take on more debt than they otherwise would if they knew they had to repay their loans. This will make it easier for colleges to get away with even larger future tuition increases...
3) Fewer students paying for college: Once people know any college debt they accumulate will be forgiven, even those who could afford to pay, would be foolish to do so given the prospect of getting it for free. 4) More people will chose to go to college: Since the prospect of...
Read 5 tweets
Peter Schiff Profile picture
Feb 19, 2021
According to @elonmusk "Bitcoin is almost as BS as fiat money." So Musk regards both #Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. #Gold is not BS. It's real money and better than both!
@elonmusk As an engineer you should know the distinction between a tangible element and a mathematical string of numbers is huge. Gold doesn’t need miners to power its existence, the laws of physics do that. #Gold provides owners with optionality: use, improve, or hold. #Bitcoin does not.
An email confirming #gold ownership, either from a private vault or government is but a secondary layer of trust. You can confirm this truth on your own while #Bitcoin’s ostensible trust layer requires a network of miners spending 5% of its market value a year to do it for you.
Read 4 tweets
Peter Schiff Profile picture
Dec 2, 2020
Here is how the Grayscale Trust helps fuel the #Bitcoin bubble. First Grayscale spends lots of money on @CNBC running non-stop ads pumping Bitcoin to investors. CNBC then returns the favor by constantly featuring pro-Bitcoin guests on air, who make pie-in-the-sky price forecasts.
At the same time CNBC keeps Bitcoin skeptics off its air. This constant on-sided pumping results in GBTC trading at a large premium to its NAV, allowing Grayscale to create new shares of GBTC that it promptly sells into the market for an instant profit.
It then uses the cash it receives from selling GBTC shares to buy even more Bitcoin in the market, putting additional upward pressure on Bitcoin's price. Grayscale then uses some of the profits earned by selling its own shares at a premium to fund even more commercials on CNBC.
Read 7 tweets
Peter Schiff Profile picture
Jul 7, 2020
I said from day one that the #PPP would be rife with fraud. None of the 600 asset management firms that got "loans" needed the money. They got paid to retain workers they had no intention of firing. I could have taken the free money myself, but didn't want to lie to obtain it.
Asset management firms like mine were not shut down. Our employees worked from home, none of our revenue stopped coming in, and soaring asset prices actually resulted in more revenue after #COVID19 than before. The #PPP money merely added to the windfall. It was a total fraud.
In fact, every government that ordered businesses to close, exempted financial services companies from those orders as the services they provide were deemed to be essential. So, even if some employees were not able to work from home, they still had access to their offices.
Read 6 tweets

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