Report Finds Baby Who Died 34 Hours After Vaccines Had Toxic Levels of Aluminum in Blood
A baby who died one day after receiving his scheduled childhood vaccines in Maine was found to have toxic levels of aluminum in his blood. According to the toxicology report, two-month old Sawyer’s blood contained […]
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Watch: WHO Declares International Emergency Over Monkey Pox
Special analysis breaks down the alarming timing of the World Health Organization’s emergency declaration over “mpox,” previously known as Monkey Pox.
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EU Fines Hungary $216 Million For Deporting Illegals and Refusing to Open Borders
The European Union has ordered Hungary to pay a 200 million euro ($216 million) fine as punishment for protecting its borders from invasion and refusing to open them to migrants. Hungary is one of the […]
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Australian Gov’t Grants WHO ‘Complete Immunity’ To Force Jab Citizens on Australian Soil
United Nations (UN) and World Health Organization (WHO) personnel have been granted “complete immunity” by the Australian government to force vaccinate Australian citizens on Australian soil. The Australian government recently amended the 1995 Criminal Code […]
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Peter Schiff: The Fed Still Isn’t Data-Driven
In this mid-week episode, Peter analyzes recent PPI and CPI reports, reiterates his September rate-hike prediction, and comments on the Tump-Musk X interview that garnered the country’s attention on Monday. He also diagnoses the source of high housing and education costs that have made the economy feel so brutal to everyday Americans.
Peter notes how this week’s PPI report, which came in better than expected, may reveal margin pressure on American business:
“Trade services actually includes a lot of the markups that retail companies would charge, and so the fact that this number went up less than expected may indicate there’s some pressure on margins going forward and that companies are eating a larger percentage of their increased costs. And so that doesn’t bode well for earnings if that’s the case. People like Elizabeth Warren are always accusing greedy companies of gouging the customers with price hikes, but more often than not, most companies do everything they can to insulate their customers. Raising prices is almost a last resort!”
The media is celebrating a slightly better-than-expected CPI report as well, but Peter reminds us how long it took to make this progress. Such a meager improvement is not the sign of a job well done:
“The headline number, which had gotten above 9% at the peak— it first went down to 3% in June of 2023. So 13 months ago, the CPI was at 3%. Now it’s at 2.9%— 13 months later. So what? It took us 13 months to shave one tenth of one percent off the CPI? … Why should the Fed be cutting rates? If anything, the Fed should be looking at these numbers and say, ‘You know what? Rates are too low. We stopped too soon.’”
With expectations building for rate cuts next month, the Fed will likely deliver:
“I still believe that, despite this data, we’re gonna get a rate cut in September. And the main reason we’re going to get a rate cut in September is because now the markets are counting on a rate cut in September. That’s why we rallied back from the sell off on Monday! And so now that the market is pricing in a September rate cut, there’s no way that Powell is not going to deliver. … He always meets market expectations. … What he doesn’t want to do is pull the rug out from under the market.”
Peter comments on the Trump-Musk interview that aired Monday and has since drawn fire from the United Auto Workers union. They seem to be unaware of the role they played in exporting the American auto industry:
“The UAW— they helped destroy the American automobile industry. Elon Musk is trying to rebuild it! They killed jobs in the auto sector. He’s creating jobs. … The only two the UAW didn’t destroy were Ford and General Motors. There were only two auto companies left in America thanks to the UAW.”
Peter agrees with Trump’s take on the Department of Education:
“The Department of Education is a waste of money. It doesn’t educate anybody! Just like the Department of Energy is a waste. It doesn’t produce any energy! In fact, we didn’t even have the Department of Energy until Jimmy Carter. So we don’t need it. Get rid of it! As well as a lot of other departments.”
In his closing remarks, Peter explains the source of two major problems hitting Americans’ wallets— housing prices and the diminishing value of college degrees:
“The free market brings quality up and price down. The government brings quality down and price up! … Now they say, ‘You gotta go get a college degree so you can get a job at McDonalds serving french fries.’ This is what the government has done to a college degree, and they did the same thing to housing, and Elizabeth Warren just doesn’t understand that.”
Alex Jones Issues Emergency Warning: If Not Stopped, The Globalists Will Collapse Civilization And Create Hell On Earth
CRE Doom Loop: Rate Cuts Can’t Fill Office Buildings
With the expectation of an interest rate cut soon, commercial real estate stocks are up. But while lower interest rates might kick the can down the road, they can’t fill empty office buildings — so they won’t end the post-COVID CRE doom loop that could trigger a banking meltdown.
All that has happened is that market manipulation expectations are driving real estate stock prices up, but without the underlying support — i.e., actual renters in commercial buildings, so that owners pay back their loans to overexposed banks. With empty buildings not collecting revenue, no hope of filling them, and trillions in loans due to mature soon, the CRE market is a ticking time bomb.
REIT Index, 5-Day Chart
A report from real estate giant CoStar noted that in New York City, the office market value is back to the same levels as before COVID, even with a record-high number of vacant commercial buildings. And buried in the report is a criticism of the Department of Finance’s finding that CRE’s market value is up:
Some industry professionals said at the time the department’s market value data, which affects how buildings are assessed and taxed, may have used building owners’ outdated income and expense reports.”
If the value of these buildings is based on outdated data from owners who want to make their real estate portfolio look more valuable than it really is, how bad is the problem? We’re not really allowed to know the answer. In their 10-K filings, publicly-listed banks only have to list the historical value of their collateralized loans rather than the current market value. As explained by Shivaram Rajgopal in Forbes:
“Meaning, we do not know how much of these loans are likely to be recoverable once the potential deterioration in the value of the collateral is considered.”
For banks with high exposure to commercial real estate, lower interest rates might buy them time, but that’s only shoving the proverbial beach ball further down beneath the water. Once it slips from their grasp, it will burst from the surface with even more force, and cause a bigger implosion than if the band-aid were ripped off now.
But that’s impossible, because there is no free market. If interest rates were being set by market forces instead of a small group of appointed representatives for a banking cartel, interest rates would remain much higher for much longer — and overexposed, overleveraged banks with commercial real estate loans would be allowed to fail.
The Fed is determined to cut as soon as possible, citing cooling inflation. But in reality, inflation is still hot, but the Fed has no choice but to cut rates to prevent these commercial real estate lenders from going bust.
Besides, the real inflation numbers are much higher than what gets reported officially, giving the Fed a manufactured justification for rate cuts regardless of the economic reality. As Peter Schiff said on his recent Peter Schiff Show podcast episode:
“You always take the CPI with a grain of salt. In fact, if you want to get a more accurate measure, just as a rule of thumb, double whatever number the government reports, and that’s probably a lot closer to the actual number.”
And it isn’t just commercial real estate — the housing market is in trouble as well. Government intervention and inflation is making home ownership, and the costs associated with insuring and maintaining houses once they’re bought, totally unaffordable for Americans. While politicians like Elizabeth Warren blame the problem on a “housing shortage” and on the Fed for interest rates being “too high,” making borrowing unaffordable, this is exactly the kind of intervention that fuels inflation, market bubbles, and devastating busts to begin with.
Peter explains the real core of the issue:
“The real reason that housing is unaffordable now is because of the government…it’s the government that has driven up the cost of housing…so if there’s a scarcity of houses, it’s because the government has done something to prevent the free market from solving that problem.”
The government can’t stuff renters into office buildings without any occupants. But the Fed can lower interest rates, desperate to prop up a doomed market, and send inflation spiraling further out of control. They’re damned if they do and damned if they don’t — but they work within an academic ivory tower, isolated from the devastation they cause to average struggling Americans.
Alex Jones Issues Emergency Warning: If Not Stopped, The Globalists Will Collapse Civilization And Create Hell On Earth