Peter Schiff: The CPI is a total fraud, numbers are wrong

Peter Schiff, president of Euro Pacific Capital and former Republican Senate candidate, appeared on CNBC this week to discuss gold and inflation.  It was another lively interview because the host and the guests concurred that there was no inflation (the government’s reported numbers were 1.8 percent), but Schiff took down the idea.

In the interview, he cited a YouTube video he did on the same day titled “Inflation Propaganda Exposed.” He told the audience that the “CPI (Consumer Price Index) is a total fraud” and “all these numbers are wrong.” Schiff added that the cost of a newspaper is 3.5 percent higher than what the government reports, while health care is rising 5.5 percent faster than state figures.

Another clip includes Schiff interviewing Marc Faber, publisher of Gloom, Doom & Boom Report. Faber discussed his predictions for 2013. As usual, Faber provided a gloomy outlook for 2013, while also discussing the Japanese bond market.

All three clips can be found below.

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