Latest news with #EuroPacificAssetManagement
Yahoo
5 days ago
- Business
- Yahoo
Peter Schiff Agrees With Trump That College Isn't Worth It For Most. His Fix? Scrap The Minimum Wage And Let Kids Learn Trades On The Job
Euro Pacific Asset Management Chief Economist Peter Schiff is siding with President Donald Trump when it comes to higher education: college just isn't worth it for most people. In a recent post on X, Schiff said, 'Trump is right about colleges being a waste of money for most people. Trade schools make a lot more sense for high school grads who are not really academically inclined. Better yet, abolish the minimum wage so kids can get on-the-job training as apprentices for skilled craftsmen.' Don't Miss: Invest where it hurts — and help millions heal:.Schiff's post sparked debate not just for agreeing with Trump, but for going a step further by calling for the elimination of the minimum wage. His argument is that the barrier keeps young people from getting hands-on work experience under the guidance of experienced tradespeople. Instead of spending tens of thousands on a degree they may not use, Schiff believes teenagers could be earning while learning useful skills on job sites, in workshops or in vocational programs. This isn't the first time Schiff has criticized the traditional education system. He has long argued that college degrees have been oversold as the only path to success while crowding out more practical, hands-on careers. Trending: Maximize saving for your retirement and cut down on taxes: . Schiff's take lines up with new data showing younger generations are becoming increasingly skeptical of college. According to a March survey by Indeed and The Harris Poll, 51% of Gen Z workers with a degree said it wasn't worth the money. Only 20% of Baby Boomers felt the same. Rising tuition, student debt, and a flattening college wage premium have all contributed to this shift in thinking. The financial burden is real: 52% of survey respondents said they graduated with student debt. Millennials had it even worse, with 58% still carrying loans. Nearly four in 10 respondents said their debt hurt their careers more than their degree helped. Even more telling, 68% of Gen Z grads believe they could do their current jobs without having gone to college. That's compared to 64% of Millennials and just 49% of Boomers. Meanwhile, employers are responding too. A 2024 report showed that over half of job listings on Indeed no longer ask for a college Rowe, host of the TV show 'Dirty Jobs' and head of the Mike Rowe Works Foundation, has been making this case for years. Speaking to Fox Business last week, Rowe said, 'It is early for a victory lap, but as you know, I have been beating this drum for 16 years.' He supports Trump's push to defund elite universities and redirect those funds into trade programs. 'If I had to choose between should Harvard get $3 billion or trade schools in that world—trade schools,' Rowe said. But he also added that not all trade schools are equal, and they should be evaluated just like universities. Rowe warned that the stakes are high. He said he recently got a call from the maritime industrial base looking to hire 140,000 tradespeople over the next decade. The energy sector is also booming, with massive demand for workers to build data centers and support the country's digital infrastructure. His message to graduates? 'If you have a skill that's in demand and you're hungry, if you are willing to get up early, stay late and go to where the work is... you are going to crush it.' Read Next: Many are using retirement income calculators to check if they're on pace —Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Peter Schiff Agrees With Trump That College Isn't Worth It For Most. His Fix? Scrap The Minimum Wage And Let Kids Learn Trades On The Job originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
16-04-2025
- Business
- Yahoo
Peter Schiff and senior industry veterans breakdown tariff chaos, market crisis, Bitcoin impact
As President Donald Trump escalates his tariff war with China and other countries, top executives are issuing stark warnings about the broader economic fallout — and the potential for a disastrous holiday season. In a recent Roundtable discussion hosted by CEO James Heckman, several industry leaders expressed frustration over the unpredictable and rapidly shifting tariff environment. From delayed shipments to frozen supply chains, they say the current situation is paralyzing industries that rely heavily on global manufacturing and logistics.W. Graeme Roustan, former Chairman of companies listed on both the Toronto and New York Stock Exchanges and current owner of multiple , described the uncertainty as unprecedented. 'There's a lot of commiserating going on. I get calls from CEOs in the states asking, 'Is the 25% duty going to be added to the shipment?' And I have to say, 'Absolutely — it's a tax.'' Roustan noted the unpredictability of the policy shifts. 'It's on this week, off next week, delayed 30 days, now it's 90 days. It's just very disruptive. People are holding their cards close to their chest... waiting for some stability.' Walton Comer, Co-Founder and CIO of XBTO Global, delivered perhaps the starkest warning of all. 'Retail toys... Christmas is going to be a disaster right now,' Comer said. 'People don't realize how this business cycle works. Orders need to go in now. It takes four months to manufacture and ship toys. If those orders don't happen soon, shelves will be empty.' He explained that the toy industry operates on a fixed calendar. Toy fairs are held early in the year, and retailers must finalize orders shortly afterward to ensure products are available for the holiday season. Tariff uncertainty has frozen decision-making and halted supply chain momentum. 'This has to be reversed immediately,' Comer warned. 'Or there won't be a Christmas.' XBTO Global is a digital asset investment and infrastructure firm specializing in crypto trading, asset management, and liquidity solutions. Founded in 2015, it operates globally with a focus on institutional-grade crypto strategies. The firm also invests in blockchain innovation and supports decentralized finance (DeFi) initiatives. Peter Schiff, Chief Market Strategist at Euro Pacific Asset Management, argued that gold is the most overlooked hedge in today's volatile climate. 'I think this year gold's going to $3,500 to $4,000,' Schiff said in a Roundtable discussion. 'And if I'm wrong, it's because it goes higher.'He criticized Wall Street for missing the opportunity: 'Gold mining stocks are not even priced for $2,000 gold — let alone $3,200. Every day last year, except one, there were net outflows from GDX [the gold miners ETF], even as prices rose.' Schiff blamed the obsession with tech and crypto stocks for distracting investors from what he sees as the real safe haven. 'When the public and Wall Street realize how wrong they got gold, there's going to be a big shift.' Sign in to access your portfolio
Khaleej Times
13-04-2025
- Business
- Khaleej Times
Trade war chaos ‘spells end of Bitcoin', analyst says
In a blistering critique of President Donald Trump's tariff policies, renowned economist Peter Schiff has issued a stark warning: the financial crisis of 2025, fuelled by trade war chaos, could spell the end for Bitcoin and other cryptocurrencies. Speaking days after the market upheaval dubbed 'Black Monday,' which erased gains across stocks and crypto, Schiff argued that Bitcoin — born from the ashes of the 2008 financial crisis — may not survive the economic storm now brewing. 'Bitcoin was born out of the financial crisis of 2008. Ironically, the financial crisis of 2025 will kill it,' he declared, pointing to tariffs as a key catalyst for the unfolding disaster. Schiff, chief market strategist at Euro Pacific Asset Management, has long been a vocal critic of cryptocurrencies, favouring gold as a true safe haven. With gold surging past $3,175 per ounce on April 9 and Bitcoin slipping below $80,000, his thesis appears to be gaining traction. In a recent post on X, Schiff described the current crisis as potentially dwarfing the 2008 meltdown, with the US economy at its epicenter. 'Whether Bitcoin weathers the storm or succumbs to Schiff's grim prophecy, one thing is certain: the tariff-driven crisis of 2025 has exposed deep fault lines in the global economy, and the fallout is far from over,' says Jayakrishnan Bhaskar, a Dubai-based analyst said. He contends that Trump's aggressive tariff strategy — marked by sweeping threats followed by abrupt pauses — has backfired spectacularly, exposing vulnerabilities in the US economy and eroding America's leverage in global trade negotiations. 'Current crypto market and Bitcoin volatility is a product of the complex ballet of macroeconomic and crypto-native influences. Trump's tariff reprieve and receding inflation are short-term reliefs, but investor sentiment remains cautious,' said Avinash Shekhar, co-founder & CEO, Pi42, citing over $772 million outflows from spot Bitcoin ETFs. This triggered concerns over global growth and heightened market volatility. Bitcoin's resistance is seen at $83,700, while support is $75, macro conditions improve, Bitcoin could aim for the $85,000-$87,000 range. Reclaiming this zone is crucial to confirm bullish momentum, with $88,000 as the next target Trump's tariff policy, initially designed to strong-arm trading partners, has instead sparked volatility and uncertainty. By imposing broad tariffs only to suspend them after 90 days, the administration may have signaled weakness, Schiff argues. 'Trump's tariff tantrums have diminished his negotiating power,' he said, suggesting that trading partners now view US threats as less credible. The fallout has been swift: the US dollar fell over 2.0 per cent against major currencies last week, amplifying fears of stagflation and undermining confidence in crypto as a hedge. The crypto market has felt the brunt of this turmoil. On April 10, Bitcoin opened with intense bearish momentum, testing support at $81,302.63 by 7:30 UTC. A death cross on the MACD at 15:00 UTC deepened the gloom, followed by the RSI dipping into oversold territory. By late afternoon, Bitcoin broke down to $78,471.69. Though a golden cross later hinted at a potential reversal, the recovery was tentative, with Bitcoin climbing slowly amid lingering volatility. Ethereum faced an even steeper decline, crashing below $1,500 for the first time in over two years, shedding nearly 20 per cent overnight to hover just above $1,400. Schiff didn't mince words: 'I don't think it will be long before Ethereum breaks below $1,000,' he warned, sending shockwaves through the crypto community. Schiff's disdain for crypto extends beyond market analysis to personal rivalries. He reignited his feud with MicroStrategy's Michael Saylor, a prominent Bitcoin advocate, taunting him as Bitcoin dipped below $80,000. 'If you want to prevent it from crashing below your average cost of $68,000, you'd better back up the truck with borrowed money and go all in,' Schiff quipped on X. He also questioned how many Bitcoin holders are prepared to 'ride it to zero,' challenging Saylor's unwavering optimism. Meanwhile, Schiff mocked Trump's US Bitcoin Reserve, noting it's already down 12 per cent since its launch — a sharp contrast to gold's relentless climb. The broader economic picture only bolsters Schiff's case. Markets are reeling from stagflation fears, with tariffs disrupting supply chains and driving up costs. The pause in tariffs, intended as a conciliatory gesture, has instead fueled uncertainty, leaving investors scrambling for safe assets. Gold's rally reflects this flight to stability, while crypto's volatility underscores its fragility in Schiff's view. 'Crypto can't save you,' he argued, pointing to the dollar's weakness and the trade war's ripple effects as evidence. Schiff's warnings have sparked heated debate, pitting crypto enthusiasts against traditional investors. For some, his gold-over-Bitcoin stance resonates in a climate of economic unease; for others, it's a relic of an outdated worldview. As markets teeter, the clash feels like a battle between past and future, with no clear victor.
