In his podcast yesterday evening, Peter Schiff shared his thoughts on the huge surge in the stock market over the past couple days. He also takes a look at the latest news from Switzerland. Just weeks after defeating an attempt to back the Swiss franc with more gold, the Swiss National Bank has set negative interest rates in an attempt to further weaken the franc. Finally, Peter digs back into Janet Yellen’s latest statements about the US economy and drop in the price of oil.
Jim Rickards agrees with Peter Schiff. The stock market is in a bubble thanks to the monetary manipulation of the Federal Reserve. Like Peter, he doesn’t think the Fed will raise interest rates in 2015. Instead, Yellen will be forced to start quantitative easing again by the beginning of 2016. This, he argues, will be the beginning of the end of the existing world monetary system. Watch Rickards explain his reasoning to Bloomberg below.
In his latest podcast, Peter Schiff talks about the Federal Reserve removing the phrase “considerable time” from its policy statement yesterday. While they technically did change the language, Peter points out that they then used some linguistic tricks to essentially maintain the same position on the possibility of future interest rate hikes. You can see for yourself in the quote from the Fed’s press release:
Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October…”
After picking apart the Fed’s statement, Peter tries to puzzle out the economic conditions that will justify an interest rate hike in the coming months.
CNBC’s Futures Now interviewed Peter Schiff yesterday to hear what he expects from the Federal Reserve’s announcement this afternoon. They also spoke at length about gold, which Peter points out hasn’t gone down at all in 2014 contrary to many expert forecasts. In fact, when priced in other global currencies and stock markets, gold has risen significantly.
Earlier today, we reported on the potential effect plunging oil prices could have on the Federal Reserve’s plans to raise interest rates. Peter Schiff addressed exactly this is problem in his latest podcast. While many people see lower oil prices as a boon to the economy (who doesn’t want to pay less to fill up their gas tank?), Peter explains why this is a narrow-minded analysis. If the oil boom was actually a bubble, it could have dire implications for the United States.
If you want to understand the fundamental issues at play with the plunge in oil prices that is rocking the financial world, you can’t miss this segment from the Peter Schiff Show.
I don’t believe the Fed… is going to allow that recession [from falling oil prices]. They’re going to do the only thing they can do to stop it. That is unleash a tidal wave of new money in QE4, which is going to be bigger than QE1, 2, and 3 combined…”
Ben Swann and Peter Schiff discussed the news of China surpassing the United States as the world’s largest economy. Peter explained why it’s only a matter of time before China and many other countries jettison the dollar as the world’s reserve currency. When that day comes, the US is in for a rude awakening.
Peter hopes that crisis will inspire Americans to re-embrace their free market roots and return to a sound currency backed by gold.
Last month, Kitco News interviewed renowned New York Times Bestselling author Robert Ringer. They began by discussing the current political direction of America, but moved on to the collapse of the dollar. While Ringer will not put a timeline on the collapse of America’s currency, he is certain that it will fall apart.
What will that collapse look like? Again, Ringer wouldn’t say, but he does have just one piece of advice for everyone: buy gold. Buy physical gold. In fact, he is even more aggressive in his recommended allocation than our Chairman Peter Schiff. Ringer believes 50% of the average investor’s portfolio should be in gold!
In his latest video blog post, Peter Schiff dissects the latest jobs numbers. While the media paints a rosy picture of the economy with the employment numbers, Peter takes a look at the economic data that everyone seems to ignore.
Peter Schiff appeared on Fox Business last Friday alongside some other analysts. While the panel agreed with Peter that the Federal Reserve needs to raise interest rates, they don’t think that Janet Yellen actually will. However, they disagreed with Peter’s long-term investment strategy for gold, and preferred to ignore the possibility of a bubble in the equities markets to make a short-term profit on stocks.
Peter Schiff was on RT’s Boom Bust to talk about the latest jobs figures, the price of oil, the Swiss gold initiative, and the many uses of physical gold.