{"id":34922,"date":"2018-06-08T07:42:09","date_gmt":"2018-06-08T12:42:09","guid":{"rendered":"http:\/\/olduvai.ca\/?p=34922"},"modified":"2018-06-08T07:42:09","modified_gmt":"2018-06-08T12:42:09","slug":"peter-schiff-dont-be-fooled-by-the-uss-phony-prosperity","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=34922","title":{"rendered":"Peter Schiff: Don\u2019t Be Fooled By The US\u2019s \u2018Phony Prosperity\u2019"},"content":{"rendered":"<h3><a href=\"http:\/\/www.shtfplan.com\/headline-news\/peter-schiff-dont-be-fooled-by-the-uss-phony-prosperity_06072018\">Peter Schiff: Don\u2019t Be Fooled By The US\u2019s \u2018Phony Prosperity\u2019<\/a><\/h3>\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-52119\" src=\"http:\/\/shtfplan.com\/wp-content\/uploads\/2017\/12\/peterschiff-e1512576542536.jpg\" alt=\"\" width=\"560\" height=\"338\" \/><\/p>\n<p>Financial guru Peter Schiff says everyone is being fooled by the mainstream media when it comes to the economic health of the United States.\u00a0 But Schiff says it is all a delusion and phony prosperity isn\u2019t going to last.<\/p>\n<p>A lot of seemingly positive economic data came out last week, but in his most recent podcast, Peter Schiff said it is just feeding into a delusional economic narrative that ignores the most fundamental storyline \u2013 debt. <a href=\"https:\/\/seekingalpha.com\/article\/4179658-peter-schiff-problem-phony-prosperity-phony\" target=\"_blank\" rel=\"noopener\">According to <em>Seeking Alpha<\/em>,<\/a> Schiff says that this delusion built on debt is not going to last, and we should all be prepared.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/IqJvFFKjo3E\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>The May jobs report came out Friday, sending another ripple of optimism through the investment world. Talking heads in the mainstream media were overly excited that the numbers appeared \u201cgood.\u201d <a href=\"https:\/\/seekingalpha.com\/article\/4179658-peter-schiff-problem-phony-prosperity-phony\" target=\"_blank\" rel=\"noopener\">According to the Department of Labor, the US economy added 223,000 jobs in May.<\/a> The unemployment number fell to an 18-year low of just 3.8%. Average hourly earnings rose by 8 cents. Average wage growth came in at 2.7% over the past year. Pundits and prognosticators on the major financial networks were giddy like schoolchildren at the news.<\/p>\n<p>But all of that optimism masks a very serious problem, says Schiff.\u00a0 No one is taking into account the debt.\u00a0 Not just the national debt, but the debt of everyday Americans.<a href=\"https:\/\/seekingalpha.com\/article\/4179658-peter-schiff-problem-phony-prosperity-phony\" target=\"_blank\" rel=\"noopener\">\u00a0Analysts were also excited about the personal income<\/a> and spending data \u2013 particularly spending, which rose 0.6% in April. Meanwhile, income was up 0.3%. Schiff put this into some perspective saying:<\/p>\n<blockquote><p>Consumers are spending money twice as fast as they\u2019re earning it for the month of April \u2013 six-tenths up on spending, three-tenths up on earnings. So, what does this tell you?<strong> People are tapping into already a pretty shallow savings pool, or they are running up more credit card debt to buy stuff<\/strong>. \u2013<em><a href=\"https:\/\/seekingalpha.com\/article\/4179658-peter-schiff-problem-phony-prosperity-phony\" target=\"_blank\" rel=\"noopener\">Peter Schiff<\/a><\/em><\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff: Don\u2019t Be Fooled By The US\u2019s \u2018Phony Prosperity\u2019 Financial guru Peter Schiff says everyone is being fooled by the mainstream media when it comes to the economic health of the United States.\u00a0 But Schiff says it is all a delusion and phony prosperity isn\u2019t going to last. A lot of seemingly positive economic [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[6489,963,20433,6490,827],"class_list":["post-34922","post","type-post","status-publish","format-standard","hentry","category-economics","tag-mac-slavo","tag-peter-schiff","tag-phone-prosperity","tag-shtfplan-com","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34922"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34922\/revisions"}],"predecessor-version":[{"id":34923,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/34922\/revisions\/34923"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}