🔴 The "Unsinkable" American Consumer Is Drowning In Debt - Ep 925 

Great show! Been watching you since you ran for Senator. You should do another run, we the people need you in office and others of equal values. Thanks for everything you do Peter!

Prices at the store Hurts my wallet $20 is the new five dollar bill.

"As if going to a store and buying things is some heroic act". 😂 Peter Schiff comedy.

Listening to Peter explain to me in great detail why and how I should like his video is the highlight of my day.

Peter, I wish wish I had a teacher like you in High school.

I work in a restaurant our prices just went up again. Now at a 40% increase since 2020. Been at the same place in FL since 2019.

The price isn't a true example of inflation, companies are also reducing the the ounces of food in packaging.

I loved your point about spending is the caboose of the economic picture, and that we need to produce more...absolutely spot on.

Working in customer service I've noticed how shocked people are when company's raise prices. They don't realize how expensive it is for business to operate. The counter offers I hear on some items make me think they're delusional or crazy. Many people still living in the past.

Well said Peter 💥. Instant gratification is a killer

More people lately are buying into what Peter has been saying for years. Just recently a few people I work with who were always oblivious to the underlying financial problems that we have , have been complaining about debt , inflation etc and one even told me that he bets that the United States will eventually default , being a long time Peter listener I told hin we actually already have defaulted through inflation and expansion of the money supply.

If people are up to their eyeballs in debt then how is it they can keep on going deeper it just never ends

Consumerism has consumed us. In the 50s people didn’t make much but there wasn’t that much to buy. A toaster, a radio. Maybe a fur coat and jewelry. Cars were capped because they all had roughly the same tech. Houses weren’t ridiculous. And you actually had to go to a store to obtain these things. Enter 2023. The amount of “stuff” for sale is mind boggling!! Still have all the same stuff as the 50s but you can lay in bed and spend thousands on Pokémon cards if you feel like it, without actually having any money! A gaming system might be a weeks pay. In the 50s you had board games to buy for entertainment. For the US to operate the way it does, the average household income should be up to about $250k by now and it’s like actually $50k. Somethings gotta give.

This is pissing me off. I’m pretty poor, I’ve been struggling to build a business for a few years now. Rising prices and rates have created such crushing setbacks. I feel pressured to go into industries I don’t even want to do business in. Lenin was right: if you want to destroy capitalism, you print money.

This guy would make an excellent Secretary of the Treasury.

You should make a “Schiff Clip” for the Bank of America segment, it’s very quick, logical, and showcases the errors you’ve been warning about!

Thanks for speaking the truth Peter 👍🏼👍🏼

You have always been the one guy I actually trust out there, thank you for all you do to try and sound the alarm

Thank you Peter Schiff for your valuable information!

This is a great piece thanks for taking the time to put this out. It highlights something important. Fiscal responsibility is for fools... "spend and splurge like there's no tomorrow", seems to be the mantra that works. I see it around me with individuals, with companies, with cities, and with our country.

It is a government inspired crisis this time. The Treasury have to sell Bonds to cover the trade imbalance and the government spending imbalance. In order to sell them they have to raise interest rates and the old long-term, low risk, low interest, AAA investments (including Treasury Bonds), held by the banks (often due to government regulatory policy), become next to worthless. The next milestone should be soon when the government issue a new batch of Bonds.

My wife and I have only one credit card and we pay off any balance immediately. But after listening to Peter, maybe I'll get another card and buy as much gold and silver as I possibly can. LOL.

"Drowning in debt" is like "wallowing in life." American consumers have learned from the government that if more debt is available, take it while you can. The banks are still increasing their credit cards, pretending that those balances will ever be paid, in exchange for usurious credit cards rates and fees. None of it matters anymore, since "effective bankruptcy" leads to negotiated debt levels, forgiven loans, late and missed payments on rents and mortgages, the biggest banks writing off debts compensated by the Fed while welcoming the demise of smaller private banks that represented annoying competition anyway. EVERYONE colludes to survive at the extremes, accepting eventual mutual destruction via communal bankruptcy.

Thanks for the years of good advice Peter

Great stuff Peter!! I followed you in 2004, bought your book, and tried to warn people about housing bubble. They wouldn't listen. Now this MOAB is going to be worse and people still aren't listening!!!

I calculated the annual compounding of the National Debt based on the numbers you gave for 2000 until today and I came up with around 8.25% per year!

I try and put everybody on the this man's podcast. Peter Schiff is one of the very FEW people that are telling the truth about the financial situation that we are in.

Peter Schiff is the last off the Financial Mohicans .

Great podcast as usual Peter. Thanks for sharing your knowledge and experience.

Thank you, Peter Schiff, for articulating and confirming what most of us in the western world know. We're all being taken for a ride and the less fortunate are struggling and getting poorer. None of this bodes well for society as a whole. The consequences of such an imbalanced dociety are many and as yet unseen.

The newspaper used to be an inch think, and now it's a pamphlet, so the inflation per page is even higher.

The retail spending comes from a lot of credit card use. It can all collapse at a given point.

Once again, great show peter. Live long and prosper

Netflix is increasing the monthly subscription fee to $22.99. That's up 43.77% from $15.99 in Nov 2020!!!

Peter is Hilarious!!!🤣🤣🤣 The humor is very much needed in these crazy times!

Thank you Peter for the years of foresight. Through all the ups and downs I've managed to keep stacking. The US has turned into a clown show. God help us.

Peter is a market genius. No cap

A brilliant,insightful video as always,Peter; thanks from the UK.

Been accumulating Aussie gold and silver stocks,got a feeling we are on the cusp of something very big. Thanks for giving me the confidence to stay in the game.

like the video guys, lets take Peter to the top of tube charts.

The majority of Americans find it difficult to retire comfortably due to the weakening economy. To answer the question of whether you would pay down your mortgage as you get closer to retirement or spread your assets out for income flow so you can keep your lifestyle, consider the fact that some people have absolutely no money saved for retirement.

More people need eyes on this kind of information.

Peter, be careful giving bankruptcy advice. Bankruptcy trustees can in fact take and sell assets owned that are over and above the exceptions. So if you have 9 cars free and clear and 200k in CC debt. The trustee will seize them and sell them to pay back your unsecured creditors at an equal percentage to their claims. But the biggest danger is that giving such anecdotes is actually a violation of the US BK code and you could be sued. Hate to see that happen as I am a big fan!

Living within your means should be the goal of every American.

Absolute national treasure of man

You are correct, I work 100+ hrs (2.5 full time jobs), and my husband works 40 hrs full time. Our household is doing great only because we have 3.5 full time jobs.

When we were kids, my friends and I evolved the monopoly short version game. We would deal out the properties and then trade until we all had monopolies. When you landed on someone's motel, you were broke, especially at the beginning of the game, you had to borrow from the bank. The person controlling the bank kept track of everyone's debt. The game was over when the bank had no money left.

Jesus! Really , some people have a 50,000 $ credit card debt? Don’t they know this is keeping them poor? Hats off to the “wonderful” education system we have.

Thanks, Peter! Thumbs up and best hour of info on RU-vid…

The only price decreases I've seen are regarding agriculture/shop buildings. Banks loans have decreased substantially and prices have fallen to what I still consider an 'expensive level'. 3 times the cost/square foot vs 2017.

Thanks Pete

Fantastic show! Peter's knowing grin is the grin of a man who called out the Bitcoin scam over 10 years ago! BUY GOLD!

I am drowning in debts due to medical bills . I had major medical expenses

Peter, I figured out why the percentage of likes isn't great: It's not because some of us are lazy bums, which if we're honest...No, it's because many people watch a portion of your show, then rewatch again and sometimes a third time. That skews the likes vs. views. So, the solution is to convey all the info with a short 59 second short! 😊

Thx peter for all your awesome insight and financial wisdom.

Peter for speaker of the house… that could be extremely interesting.. maybe very entertaining as well 🎉😎👍👍 excellent video

The gold you told me to buy has done nothing to protect my family from the inflation we’re experiencing. Peter is like the Doctor Who diagnoses you correctly but then prescribed the wrong medication.

Peter, in addition to the Real CPI figures you pointed out, I’m noticing the Product volume being shortened as well. So if the prices went up 130%, the volumes have been shortened from 5%-25%. So your 130% can be more like 200% with 25% less product.

Right on Peter 😊

Peter, I was listening earlier this afternoon and something struck me that I don’t see anyone putting into the equation. The United States is no longer considered politically stable. The credit rating on U.S. debt was lowered from AAA to AA+. The United States cultivated one of the world’s best economies because of democracy, not in spite of it. 6% is pretty good on a AAA asset, not so much on AA+. That’s why the 5yr is at 5.99, not enough buyers that could buy. Most of the top wealth funds can’t have anything that isn’t AAA in their holdings.

We need a new Peter Schiff inflation video! 10th anniversary edition

Another outstanding analysis thank you so much Peter

We last met in Vegas at a Freedomfest when I contributed to your Conn senate campaign.

THANK YOU, VERY MUCH!!!! I LOVE YOUR COMMON SENSE, LOGICAL ANALYSIS , IN THIS INSANE, TUMULTUOUS TIME!!... MAY GOD BLESS YOU, ALWAYS!!

It costs about 2x as much to eat out now. WTF?

An update on the magazine prices would be interesting.

Strangers cooking your food is always risky, and now it is not worth the "ambience".

If the federal government is going to receive all the interest income from the federal reserve, how does the interest rate hike impact national debt in terms of interest payments, particularly, when the buyer of treasuries is federal reserve?

Gov. will confiscate all gold in a dollar crisis.

The American consumer is no better than a dingleberry imo.

I also see many times people not even checking the prices when they buy something. They buy first and then they check the price on their bill statements.

"You can fool some people sometimes but you can't fool all the people all the time. And now you see the light. Stand up for your right." - Bob Marley & The Wailers

Gotta have them guts is right. Ive already been buying gold and silver. Im gonna start dollar cost averaging. Buy airtle each month. Thanks Pete

Enjoy the show as always

I’ve been around almost 50 years now and I’ve always noticed that retail numbers reported have always been down. Around Christmas they always report annual sales to the public. Never have I heard retail is up year over year. It’s always a disappointment to retailers that we had a less than expected year. Not once we’re they happy to announce we spent more than last year.

Thank you for this outstanding program!

More spot on commentary from Peter, the master of knowledge and common sense, which is sorely lacking in our politicians, agency heads and wall street "experts". Schiff for Treasury Secretary and next President's Council of Economic Advisors.

Thanks Peter, great videos

No one talks about the feds "kicking the can down the road" anymore....has the road ended??

In 2002-2003, I purchased E-series US Savings Bonds. I still have them because I didn’t want to pay the taxes yet. Since they are getting the 5year treasury rate I’m going to keep them awhile longer.

Awesome podcast! 🔥🏆💯

Cash is king

Juicing that algo! More people need to hear your message!

Peter, as always articulate, truthful, and eye-opening. I've been listening to you since I first saw you years ago in the excellent documentary "End of the Road". I've quoted your statistics on my own Podcast, and I have put your link(s) on my website. You do so much to teach real and practical financial literacy and education. Thank you.

Stocks including gold fund won't buy food and gasoline in the likely event of a total fiat currency including dollar failure. Only real money 💰 gold, silver and copper will buy whatever just like the ancient stories on clay tablets in the book 📖 The Richest Man in Babylon by George Clason.

Peter, I gave you a like, but this podcast wasn't Tier 1 like most of them. You're still the man, though.

I’m guessing it takes about $50k/year gross income for a single taxpayer to tread water, depending on housing expenses, income tax rates etc. American entitlement needs to end. I see this as a blessing in disguise. Consumerism has been a spiritual cancer on this country. It’s time people learn to live with less, and be happy. The WEF may actually know what’s best for us. It’s pretty clear that affluence has not improved morals, ethics or values.

Been plugging gold and silver with family and friends for nearly 20 years. I remember telling my mom to tell my dad in 2004 to take everything they have and buy gold thanks to you. Probly thought I was nuts. Lol They never did. No one else has taken me up on the insights. But when I was telling them to buy it was at 400$ an ounce. Then again at $1000 an ounce. Everyone is entitled to their own perspective but physical assets make sense to me not the markets or Feds hocus pocus or fads. Anyway I still follow your broadcasts and have been all these years. Americans need truth. I know I do. God only knows the waves the ripples of truth will make or in all the ways. Probly incalculable. Thank you Mr Schiff! 🙏

Thank you Peter. Another great show.

newspapers and magazine might legitimately be the worst possible way to determine inflation ever

This man could tell you much more, but he does his best. My interpretation, he is a good man who swerves between one outcome and another that should never existed.

Love your shows, Peter. Everything you say is so relevant to today’s economy.

Still stacking gold stocks myself… $500 a week for the last 3-4 years. Amongst other commodities and foreign investments

A great podcast.

The best news and financial advice! Ever!

Great show Peter. Been listening for the last 2 years.

Great show as always Peter. Can you comment on a thought I’ve had for sometime? Is it possible that the rise of Gold is being moderated because of the hope by the masses that a digital currency will rise to replace the US dollar as the world’s currency?

Peter, you mention that the Gold chart looks bullish, could you ever show us a chart and tell us HOW it looks bullish?

I only listen to the shows on a podcast App but I'm going to click Like going forward to boost your views. Learnt so much from these podcasts over the years.

Schiff with the facts 💯