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Peter Schiff Video Blog - February 4, 2011

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Published on Feb 4, 2011

For the latest Peter Schiff, go to http://PeterSchiffBlog.com -

Today we got the highly anticipated employment report for January. The unemployment dropped to 9%. However, we only created 36,000 jobs. How can the unemployment rate go down when so few people got jobs? The government also readjusted the number of jobs that were created in 2010 by 300,000. These are quite confusing numbers, and government numbers are always suspect.

The stock market was stronger on the day. The Dow was at its highest since August of 2008. Gold and silver also were up. They had a relatively weak week, but today's move put them in positive territory for the week. The yields on treasuries also rose. They are still at a low level, but they are rising at a pretty quick rate. If they keep going up at this pace, in a few months the rates will be at their highest level in a decade. Imagine where mortgage payments will be if rates get this high.

The main reason that the stock market is rising is QE2. The Fed Chairman admitted this, but he denies that the rise in commodities have anything to do with quantitative easing. He also said that he is not responsible for the inflation in Egypt. He blames the rise in commodities on the monetary policy of Egypt. But their currency in pegged to the dollar. If they would decouple their currency from ours, then they would be able to fight inflation much more easily. It is interesting that Bernanke is quick to blame rising prices on the monetary policies of other countries, but he refuses to take the blame for the rise in prices in terms of the dollar. All of these Keynesian policies are nonsense. He might as well be taking advice from a comic book.

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