Peter Schiff: Unemployment and Prices Rising Together

YouTube/PeterSchiff, Released on 7/2/21

  • Inflation spilling into the labor market.
  • Pressures pushing dollar down and costs up.
  • What does Basel III mean for gold?
  • CNBC pundits are as clueless now as they were in 2006 and 2007.

Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0, The Little Book of Bull Moves in Bear Markets:, and The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.

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Happy Meel

Peter Peter Peter. This guy is the smartest guy in the room, hands down. BUT…his only problem is that he keeps clinging to an unreasonable fetish he has about the subject of “all jobs-all the time.” Another related flaw is his childish belief in the lamestreams media’s favorite made-up phony term called “job creation”. Earth to Peter: WAKE UP!!

Do companies who employ people create jobs?…Heavens No! “Job creation” and it’s misnamed cousin “job creator” are terms that are frequently & unjustly used to “create” a pie in the sky picture of how benevolent some people are who happen to employ other people, and how they should be praised & honored for performing a service to society. What garbage. And this is the category that I suspect Peter falls into. Peter has many employees with his many businesses and it’s very easy for someone in that position to feel he is doing society a big favor by hiring them.

Business people hire because of a need or anticipated need, and not because of some social obligation to do so. Obviously they don’t create the demand for workers, market forces do. But the confused & naive public — and incredibly many virtue signaling business people — seem to think that employers should be praised & heralded for simply doing something that’s in their own best interest!

The common & annoying use of bogus economic terms, such as “economic stimulus”, “business cycle” & “job creation”, is really just a cheap, lazy & inaccurate attempt to describe artificial or complex processes which occur in a market economy. Whenever I hear such terms bandied about the warning bells start to ring suggesting somebody is off course.

If you insist on defining a job creator as those who put people to work, then it logically follows you must also give the same credit to Hitler, Stalin, and the Egyptian pharaohs who built the pyramids. After all, look at all the labor they needed to build their empires and those much needed pyramids. Imagine all the jobs they “created”. Using that logic then we must admit to ourselves that those dudes were the greatest job creators of all time! This of course is ridiculous.