Peter Schiff had a friendly conversation with Rick Santelli this morning on CNBC’s Squawk on the Street. They discussed how the Fed’s quantitative easing has become uncontrollable and why this will make the next crisis even worse than the last.
I think eventually you’re going to see a real attack on the dollar and the US Treasury market and the Fed’s ability to maintain artificially low interest rates without destroying the dollar… Eventually the Fed is going to lose control of this. And I think the biggest danger is when you start to see the bond market and dollar selling off simultaneously. You throw in a rally in gold and that’s basically the triple threat – you’ve got all the warning bells that the end is near.”
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In his latest appearance on Fox Business, Peter Schiff gets in a friendly argument about the hidden inflation obscured by phony government measurements. He also reminds investors that we’ve seen volatility like this in the gold market in the past, just before gold soared to new highs.
The definition of inflation is an expansion in the money supply… The Fed is buying $85 billion a month of Treasuries and mortgages. Where do you think that money is coming from? It is being created into existence out of thin air by the Federal Reserve… Eventually our trading partners are going to stop absorbing our inflation. The dollar is going to tank… and all this inflation that we’ve been exporting is going to hit us like a tsunami.”
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Peter Schiff recently spoke with Stefan Molyneux, host of Freedomain Radio, about the truth behind the gold market correction. Their wide-ranging discussion is an excellent introduction to how the economy reached the quagmire it is in now and how a healthy economy functions. Peter also gives advice on how to avoid and prepare for the real crash that is yet to come.
Really what’s happened, there’s been a crash in confidence. There’s been a crash in investor expectations when it comes to the price of gold. There actually hasn’t been a crash in the price. I think the sentiment is wrong, that the public is wrong, that the professional investors are wrong. Remember – the guys that are ultra bearish on gold right now are the same guys that were extremely bullish when it was at the highs at 1900. The consensus doesn’t have a very good track record when it comes to gold.”
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Peter Schiff appeared on Fox Business Markets Now this morning to discuss his reaction to the Federal Reserve’s announcement on interest rates and on Ben Bernanke’s press conference.
This whole recovery that the Fed believes it created with the QE is evaporating before it even dials it back. I think the that the next thing the Fed is going to do is add to the QE. … They are going to put more crack into the pipe.”
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Peter Schiff appeared on Yahoo! Breakout yesterday for reaction to the Federal Open Market Committee’s announcement on interest rates and the economy. Peter argued that Fed induced recovery is only making things worse.
Are we richer or we poorer? Are we growing our liabilities or are we growing our assets? America is getting poorer. We are consuming our way into poverty. We’re borrowing from the rest of the world. We’re trying to reflate a phony economy based on assets prices like real estate and stocks. Meanwhile, the real economy deteriorating beneath our feet.”
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Forbes just published an exclusive interview with Ron Paul, conducted by Kitco News. Paul spoke about how precious metals investors shouldn’t get caught up watching the short-term trends in gold. Instead, he keeps an eye on the failing purchasing power of the dollar.
“‘It is up and down, and it has been doing that a lot lately,’ Paul said. ‘If (investors) are in gold for a short time to make a quick killing that ought to make them very nervous,’ he said of gold’s recent correction in April…
Paul said that historically there have been high periods of volatility but it is important to look past these short-term corrections. Looking back, Paul reflected that in the 1970s gold went up to almost $200 an ounce then plummeted back down to close to $100 an ounce two years later.
‘Everybody thought the world had ended for gold,’ he said. Paul added these should have been seen as simply corrections in a roaring bull market.”
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Casey Research recently published an interview with Walter Block, a well-known Austrian economist who teaches at Loyola University and is a Senior Fellow of the Ludwig von Mises Institute. Block talked at length about the gold standard, the Federal Reserve’s disastrous money printing, and just how bad the economy really is. Enjoy!
“I think it was Lenin who said that the best way to destroy an enemy is to debauch that country’s currency. That’s what these guys are: currency debauchers. Ben “the paper hanger” Bernanke is going berserk with his quantitative easing. There’s no more quantitative easing one, two, or three, its quantitative easing forever. Every month, billions of new dollars are pumped into the economy.
So the last thing the government wants is this barbaric relic to limit their spending to what they can actually tax and borrow. And that, of course, is why people like you, me, Doug, and like-minded others, favor the gold standard; we want the government handcuffed, so it can’t go around spending money it doesn’t have on unnecessary wars and other destructive and counterproductive things governments like to do.”
Continue Reading the Interview
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Last week, Peter Schiff spoke with Tekoa Da Silva of Bull Market Thinking about the future of gold and the real crash that is just around the corner.
I don’t know where the bottom is [in gold], but I think once we hit it, we are headed dramatically higher, to levels very few people can even consider. I think the only reason that it appears the global economy is recovering, or the US in particular, is because of all the inflation that is being created to artificially prop it up. And it’s that inflation that is going to send gold substantially higher.”
Listen to the Full Audio Interview Here
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Phil Mackesy interviewed Peter Schiff on This Week in Money last weekend. Their conversation covered a lot of ground, from misguided Canadian and Japanese monetary policy, to Jack Lew and the US dollar’s recent decline against the euro.
“There’s a new rumor that [Japan] wants to start buying another $500 billion of our debt. That’s their stimulus plan. Print money and loan it to us. Loan it to America so we can blow it. And somehow their own country is going to be more prosperous because they squander hundreds of billions on US Treasuries. Look, the whole world has gone insane…
When you hear people like Obama talk, or Geithner, you want to buy even more [gold]. You can’t trust a politician with a printing press. These central bankers are going to destroy the currency all around the world. It’s important people buy gold and silver while they still can afford it. Before the price takes off.”
Listen to Peter’s Interview Here
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Last week, GoldSeek Radio’s Chris Waltzek had a lengthy conversation with Peter Schiff about precious metals and the future of fiat currencies. Dedicated gold bugs will appreciate Peter and Chris delving into some more technical points, but the fundamentals remain the same: invest in something central banks can’t manipulate!
That’s going to be the wave of the future: it’s figuring out what to replace the dollar with. Is it going to be just gold? Is it going to be…some other currency that is backed by gold? I don’t think just a fiat currency like the dollar – a piece of paper backed by nothing – is necessarily going to replace the dollar. I think that if a currency is going to take that position, it is going to have to offer something in the way of real backing.”
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