Rick Santelli interviewed Peter Schiff on CNBC’s Santelli Exchange yesterday. Their brief conversation got right to the heart of America’s economic problems. While Santelli seems to agree that the Federal Reserve cannot successfully unwind its quantitative easing programs, he asks Peter to focus on the seeming improvements in the economy in the past couple years. Peter helps connect the dots, showing that both the supposed recovery and the coming crash are direct results of the Fed’s cheap money. Enjoy the full transcript below the video.
On Friday, Fox Business spoke with Peter Schiff about the latest economic analysis from the Federal Reserve. Richard Fisher, President and CEO of the Federal Reserve Bank of Dallas, believes that the US economy is improving and that interest rates will be raised beginning in 2015. Peter, on the other hand, points out that Fed officials are either incompetent or lying.
Watch the video below and scroll down for a transcript of Peter’s comments.
Greg Hunter of USAWatchdog interview Jim Rickards, author of The Death of Money. While they began by talking about the Islamic State and United States foreign policy, they moved on to discuss the possible “black swan” events that could crash the global markets. Rickards prefers the metaphor of the snowflake and the avalanche to that of the black swan, because he believes it is very easy to understand that a collapse is inevitable. The foundation of the avalanche is already there, but the snowflake that will trigger that avalanche could come unexpectedly. His number one piece of advice for investors is to buy physical gold and silver.
Enjoy the video below, and scroll down to see read some highlights from the interview.
Peter Schiff highlights the differences between the Chinese and American economies. More importantly, he explains why China doesn’t want the rest of the world to know how much gold it owns or intends to buy.
Peter Schiff appeared on Yahoo! Finance yesterday to speak with Jeff Macke about the latest meeting minutes released by the Federal Open Market Committee (FOMC). The Fed has admitted that it does not plan on raising rates soon, officially throwing the United States and the dollar into the arena of the international “currency war.” Read some highlights from the interview below.
Former US Mint director Ed Moy appeared on Fox Business this week to talk about the popularity of gold as a safe-haven investment. Moy noted that in spite of ongoing negative sentiment toward the yellow metal, people in both the East and West continue to buy it. In fact, the US Mint’s gold bullion coin sales doubled in September versus August, showing that investors see gold’s depressed price as a buying opportunity.
Much positive economic hay has been made of the job report numbers that were released last week. The number on which everyone focuses is the unemployment rate, which touched a six-year low of 5.9% in September. According to the Bureau of Labor Statistics (BLS), 248,000 jobs were created.
But much of the financial media ignores the other side of the picture. Most importantly, the latest data from the BLS that shows the labor force participation rate at its lowest since 1978 – a disturbing 62.7%! The labor force participation rate refers to people who are currently employed or are actively searching for work. The chart below makes it blindingly obvious that the economy is not on the steady growth track the government would like us to believe.
Jim Rickards, author of Currency Wars, appeared on Bloomberg TV yesterday to talk about the fundamental economy of the United States and the weak price of gold. Much like Peter Schiff, Rickards believes that the US economy is already in a depression and that the Federal Reserve will not be able to raise interest rates anytime soon. In fact, Rickards believes another round of quantitative easing will begin in 2015. When asked if he thought interest rates would be raised next year, he responded, “Not in my lifetime.”
Here’s the video. Find some highlights of Rickards’ interview posted below.
Peter Schiff appeared on Fox Business yesterday to debate James Cordier about the state of the United States economy. While their conversation was friendly, Peter posed some tough questions that never got answered.
The precious metals have been having a hard time recently, especially following Janet Yellen’s press conference last week. While Yellen was extremely vague about when the Federal Reserve would raise interest rates, the financial media latched on to her theoretical discussion of how rates would be raised when the time came. This turned out to be the only part of Yellen’s statement the markets seemed to care about. Even unbiased, legitimate new agencies like Reuters reported that “…the Federal Reserve indicated in its policy statement it could raise borrowing costs faster than expected when it starts moving.” This is the explanation for gold and silver’s latest downturn. Talk about not seeing the forest for the trees.
In his latest Schiff Report video, Peter Schiff dissects Yellen’s press conference and the Fed’s statement to explain why the Fed will never raise interest rates. In fact, Peter thinks the United States is overdue for another cyclical recession. Physical gold and silver investors should be focusing on this big picture view instead of the deliberately confusing hypotheticals presented by Yellen and the financial media. The economy is getting worse, and this latest news is just another opportunity to stock up on more gold at discounted prices before the markets wake up to the reality of the Fed’s predicament. Here are some excerpts from the video, which you can watch below.