Brexit: A Match that Lights the Tinderbox (Video)
All of the talk over the last few days has focused on Brexit. But Peter Schiff says people are ignoring some bigger issues. On Monday, he appeared on Fox News Business and continued pounding this theme, calling Brexit a “day of reckoning,” and reiterating a point he made on CNBC’s Trading Nation – that the Fed now has an excuse to cut rates and launch more quantitative easing:
First of all, this is not about Brexit. Brexit is all the media. Brexit is the catalyst. It is like the match that lights the tinderbox. The markets are artificially propped up by central banks, by cheap money, by QE, and it’s all hype and hope. The markets never should have been where they were. And what Brexit is doing is challenging the belief that the markets have the confidence in central bankers to keep all these bubbles in the air…There’re a lot of dominoes that are going to come down. Yes, the Fed is going to use this maybe as an excuse to cut rates and do QE 4. It was looking for an excuse for a long time. But we have some real serious problems that go beyond what is happening in Britain.”
Peter offered a poignant warning for Americans who think it’s just about Brexit and its impact on the European economy, saying they need to look at what’s going on in their own back yard:
People are worried about the UK. We are going to have a much worse recession in the United States. You know, we have 50 states that are trapped in a much worse union than the EU. And unfortunately, we’re stuck. We can’t get out. Britain is able to extricate itself from the mess in Europe, but we’re stuck with a bigger mess here in the United States.”
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Larry Levin of Trading Advantage chimed in and said he totally agreed with what Peter was saying:
The central banks have been propping these markets up for years. They’ll want to do it more, and they’ll do it even more now that this is happening.”
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Peter, Alan Scott. Been here for 90 years. Will you please, with your wide audiece, please tell the American people that (as our Founding Fathers told us clearly) the problem back then and the same today is with our Federal Government. Most out here seem to have forgotten that a government has no way to make a living and thus must get the Privatge Sector workers to take from their wages and send a chunk of their hard-earned wages to the government –otherwise the governmen could have no Offices, no heat/light/poer, no desks, no computers, no paid medical, no sick leaves, no pensions, no paid vacations, NOTHINGH! AND what none seem to understand is that all that money paid to government means that Private Sector COSTS are forced UP and that iin turn forces up PRICES and as PRICES go up, companies like BOEING will lose a sale to AirBus and thus Boeing cannot cover it’s other costs and so down goes the Boeing worker’s standard of living (evn to losing his or her job completely! Further, since government workers cannot make a living without the Private Sector covering all of government’s COSTS including the annual income taxes that government workers think they pay, but that is not true, is it? IF we pay their wages because they cannot, isn’t it true that we also pay their annual income taxes for them!!!!! So when someone says letg’s up the Minimum Wage
that is idiotic! Well, isn’t it???? Instead, we need to move at least half of our Federal “workers” across into our Private Sector where they will become working taxPAYERS! Then the Private Sector can pay LESS TAX to a reduced size government AND THEREFORE OWER OUR PRICES AND GET BACK THAT AIRBUS SALE AND BOEING CAN SELL IT’S PLANE INSTEAD! a 5TH GRADER SHOULD HAVE BEEN TAUGHT THAT REALITY SO WHEN THEY GROW UP THEY WILL MAKE GOVENRMENT GET SMALLER and smaller so BOEING can sell more and more new planes and AIRBUS will be the one not selling THEIR new planes. Why is this truth so unknown in about 60% of all of us!!!!!!!!!!!!!