"In April, almost a million Americans
left the labor force in one month. I think that's the largest exodus from the labor force since they began keeping the statistics," economist Peter Schiff says, adding that he doesn't believe 280,000 jobs were created.
"Better than 80 percent of them potentially were just made up by the government because over 240,000 of the jobs were the result of the birth-death assumptions where the government simply assumes that new businesses were created in April and that they hired people," Schiff told J.D. Hayworth and Miranda Kahn on "America's Forum" on Newsmax TV.
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"But they don't have any actual proof that any of this happened and it's the statisticians at the Bureau of Labor Department — everybody assumed that people hired more people in April because the weather got better," he added.
And that is why Schiff says that he doesn't "even believe the 280,000 jobs being created."
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The other problem with the jobs report is the quality of jobs that were created, Schiff argues.
"They're most in low-paying, service sector type jobs, part-time jobs, temporary jobs," he explains. "They're not legitimate jobs where you can support a family, pay a mortgage, they're not indicative of a growing economy but of a weakening economy."
The CEO of Euro Pacific Capital says that the only answer to the economic woes is "to change the leadership in this country because all that we're doing now is digging the hole deeper."
Schiff doesn't think the federal reserve will respond by raising interest rates until the coming currency crisis demands it.
"That is ultimately going to force the Fed to do the right thing, but unfortunately, they will have waited far too long to do it, and we're going to have to suffer a lot more because of the Fed's incompetence," he added.
He says the best thing Americans can do is to invest in countries where their "central banks aren't acting as recklessly" and invest in gold and silver.
"Ultimately, the solution to our problems is going to involve a remonetization of gold," Schiff added. "But by the time they remonetize it, the price is going to be substantially higher than it is now."
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