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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In a recent interview with Olly Ludwig on Seeking Alpha, Peter emphasized that the US dollar would go down and gold would go up no matter who won the presidency:
Ludwig: As you take in this Obama victory, is there any asset allocation shift you think might be more sensible now than, say, before it was clear the president would win re-election?
Schiff: I think it’s the same asset allocation as before: You want to avoid the dollar; you want to avoid bonds; you want to be in precious metals; you want to be in resources; you want to invest abroad.
But the problem with the Obama victory is that he’s obviously the worse of the two candidates—the reason Obama was elected is because he’s promising free stuff. The fact that we would re-elect Obama, despite the fact that the economy is bad and getting worse, just shows how hopeless the situation is as far as America ever doing the right thing.”
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Though much has happened in the gold market this month – notably, a Fed pledge that has awakened the sleeping bull – we wanted to take a step back and shed some light on what is fundamentally driving the precious metals market today.
A Wall Street pro named James Rickards recently released his first book, Currency Wars: The Making of the Next Global Crisis, and it’s creating a buzz. Our own Peter Schiff often talks about competitive devaluation of currencies as the main driver behind our gold and silver investments. Recently, Peter sat down with James to get his perspective on what’s behind these currency wars, and find out what he recommends investors do to preserve their wealth through this tumultuous time.
Peter Schiff: You portray recent monetary history as a series of currency wars – the first being 1921-1936, the second being 1967-1987, and the third going on right now. This seems accurate to me. In fact, my father got involved in economics because he saw the fallout of what you would call Currency War II, back in the ’60s. What differentiates each of these wars, and what is most significant about the current one?
James Rickards: Currency wars are characterized by successive competitive devaluations by major economies of their currencies against the currencies of their trading partners in an effort to steal growth from those trading partners.
