Peter Schiff

Mortgage lenders will lose far more during the developing mortgage crisis than they did during all of the GFC. From 2007–2010, realized losses on defaulted mortgages totaled about $450 billion. There is currently about $8.3 trillion in outstanding fixed-rate mortgages with an average rate of 4.6% and 25 years left to maturity. Given that current rates are 7.5%, the mark-to-market losses on those mortgages are already about $2 trillion. When rates rise to 8.5%, the loss will rise to $3 trillion! That means even without a single default, on paper mortgage lenders have already lost over four times more than they lost during the GFC. That loss …

Producer prices skyrocketed 1.3% in Sept., almost triple estimates. That annualizes to an inflation rate of nearly 17%! YoY PPI rose 6.3%. Sept. core rose 0.7%. That annualizes to nearly 9% inflation. PPI is a leading indicator of CPI. Despite rate hikes, real rates are plunging.

Deficits Fuel Inflation, Inflation Fuels Rates... The Spiral Is On https://t.co/99UTCIb9rd

Today in the broader U.S. stock market, 479 stocks made 52-week lows while only 60 made 52-week highs. That's eight stocks hitting new lows for every one hitting a new high. Trump likes to take credit for a booming stock market. But most stocks are actually in bear markets.

Today the Comptroller of the Currency issued a report that concluded that the nine largest banks debanked customers because of their political beliefs. That's nothing. In my case, it was the U.S. government itself that debanked my entire bank because of my political beliefs. They then used the shutdown to falsely claim my bank was facilitating tax evasion and money laundering, so they could claim credit for putting a stop to nonexistent criminal activity.

When the government and the media report GDP growth, they always annualize the quarterly number. So 0.5% growth during a quarter is reported as 2% annualized growth. If they did the same thing with inflation, the 0.6% rise in Sept. would be reported as 7.4% annualized inflation.

I don't know what's holding up Bitcoin. With the Democrats about to take Congress and rising inflation and bond yields pricking asset bubbles, the price should be a lot lower by now. Sell your Bitcoin before the bottom drops out of the market and buy gold! https://t.co/CY02g7NyCR

I've recommend gold based on the following loop: Rising federal deficits → higher inflation → rising bond yields → a weaker economy → rising federal deficits. The cycle repeats until asset prices collapse, leaving the Fed to choose between a financial or a currency crisis.

Why do markets think Warsh will be such a relentless inflation hawk? So far under his watch, money supply and the Fed's balance sheet continue to grow, and all the Fed's done is raise interest rates by 25 basis points. Warsh's actions speak far louder than his words. He's a dove.

Take advantage of metals traders who still don't understand that rising inflation and is bullish for gold and silver. The best thing for precious metals is a bear market in bonds. Soaring budget deficits will usher in the biggest QE program yet. Buy now! https://t.co/CY02g7N0Nj

In response to hotter-than-expected inflation data, gold & silver are following bond prices lower. But inflation will keep heating up as the Fed stays behind the curve. This is bullish for precious metals. When inflation rises faster than nominal rates, real interest rates fall.

Sept. CPI rose 0.6% (7.4% annualized), in line with expectations. YoY prices rose by 3.7%. Core prices rose 0.3% (3.7% annualized), which exceeded estimates, with YoY core rising by 2.6%, also above estimates. The inflation problem is getting worse as the Fed stays too loose.

U.S. regulators just fined Bank of America $1.2 billion for admitted anti-money-laundering violations, including failure to report more than $5 billion in suspicious activity, with transactions potentially tied to Chinese money-laundering networks, narcotics trafficking, and fraud. Yet there was no press conference held to announce the fine, nor was Bank of America shut down. In contrast, no regulators fined my bank for anything related to money laundering, as an extensive investigation did not find a single suspicious transaction my bank failed to report. Yet regulators held a press conference to announce the suspension of my bank and offer…

Both capitalism and socialism try to satisfy the needs and desires of the people. The difference is that only capitalism succeeds. Private owners of capital have a profit motive to satisfy their customers. Government bureaucrats have no such incentive and are instead motivated to use their political power to enrich themselves at the people's expense.

Both Democrats and Republicans either refuse to define socialism or claim it's too complicated to define, so instead describe what socialism means to them. But it's actually very simple. Socialism is when the government owns or controls the means of production and operates them for the collective benefit of all. Capitalism is when the means of production are privately owned and operated for private profit. Democrats refuse to define it as they don't want the public to know that is exactly what they want. Republicans won't define it either because in many cases they want the same thing.

Trump said Russia and Ukraine made a deal solely because he said they made a deal. Maybe that's the same logic Trump uses for everything he says. We have a great economy because he says we have a great economy. Tariffs are bringing in trillions because he says they are, etc.

The worst part about what happened to my bank is that it was likely put out of business to serve the interests of Nick McKenzie, a corrupt Australian journalist. U.S. officials put his interests above those of an American owner, and thousands of innocent customers and employees.

Here is what I can now prove beyond any doubt happened to my bank, as the facts are documented in contemporaneous emails between the IRS and ATO. 1. OCIF had no intention of shutting down my bank, as there was no legitimate regulatory purpose for doing so. 2. The IRS, on behalf of the ATO and other J5 nations, put pressure on the OCIF Commissioner to shut down my bank as a demonstration of the J5’s ability to disrupt tax evasion and money laundering wherever in the world they were taking place. 3. Because the J5 investigation itself found no evidence that my bank was actually doing anything to facilitate tax evasion or money laundering, th…

A month before my bank was shut down, Julie Holt, the head of public relations for tax crimes at the ATO, sent an email to Justin Cole, her public relations counterpart at the IRS, in which she admitted that OCIF’s action to shut down my bank was a direct result of pressure from the J5. She also admitted that the ATO needed that action to demonstrate the success of the Atlantis investigation, despite the fact that the investigation failed to uncover any evidence of tax evasion and money laundering. Yet she wanted to falsely portray that investigation as having stopped money laundering and tax evasion. Her admission also proves that the offici…

Americans Have Never Been This Worried About Money In 75 years of this survey, Americans lived through Korea, Vietnam, gas lines, stagflation, 9/11, 2008 and COVID. They were never as worried about their own finances as they are right now, in October 2026. The great economy is pure fiction. Watch the full episode here: https://t.co/VCVTogSUFG

I’m tired of hearing Republicans who voted for the Big Beautiful Bill take credit for cutting taxes. They did not. That bill made the federal government bigger and more expensive than ever. The public will bear that burden, which will more than offset those fake tax cuts.

Today Trump clarified what he meant when he posted on Truth Social that Russia and Ukraine had agreed to an energy ceasefire, after both sides denied agreeing to anything. Trump said they agreed because "I said you agree, that's why." In other words, Trump simply imagined a deal.

The right thing to do with Fannie and Freddie is to abolish them completely. That would let the free market set both home prices and mortgage rates. But because that would mean lower home prices and higher mortgage rates, the socialists in both parties will never let it happen.

A Fannie & Freddie IPO was always a pipe dream. There was never a viable path to exit conservatorship given the now-explicit government guarantees. Like all Trump trades, it was just a pump-and-dump scheme. That's why the GSEs are now down nearly 80% from their Sept. 2025 highs.

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In his latest attempt to buy the midterm elections with taxpayer money and inflation, Trump promised that if Republicans win, all adult Americans will receive annual payments of $5,000. This new entitlement would add about $1.35 trillion to annual budget deficits, cost more than Medicare, and be second only to Social Security in size. However, if the program were actually enacted, it would soon become the third-largest federal expenditure, as interest on the national debt would quickly surge to number one.

Trump's approval rating among independents fell to 21%. Only G.W. Bush had a lower approval rating among independents during the 2008 financial crisis, when it sank to 19%. It's clear that independents don't realize they are living in the greatest economic boom in world history.

What's so ironic about the American Express $350 million money laundering fine is that prior to the defamatory 60 Minutes broadcast and N.Y. Times article falsely accusing my bank of money laundering and tax evasion, American Express had already made a deal with my bank that would have made us the only offshore bank in Puerto Rico authorized to issue American Express cards. But after those fake news stories broke, American Express quickly canceled the deal. They said they could no longer risk an association with my bank, even though it had already passed their own extensive KYC review.

U.S. regulators just fined American Express $350 million for critical AML deficiencies that failed to detect about $13 billion in suspicious activity over more than a decade. Yet American Express was not shut down. Nor did regulators hold a press conference to announce the results of their findings. My bank was the subject of an extensive criminal investigation led by the IRS that included four other nations and spanned several years, as well as a routine but extensive audit by local banking regulators. Yet they did not discover even a single instance where my bank missed suspicious activity. Yet the IRS forced OCIF Commissioner Natalia Zeq…

I've not come close to posting every lie I just heard Trump tell. One thing that he can honestly brag about is his ability to lie. If Guinness has a record for this, I'm sure Trump broke it. However, it's not a lie if he's so delusional that he actually believes what he's saying.