It looks like Joe Biden will ultimately win the presidential election, although it will likely be weeks before all of the official votes are in and the legal wrangling could go on even longer. One thing that is clear is that the polls were horribly wrong. They were projecting a Biden landslide. If Trump did lose, it was barely.
In his podcast, Peter Schiff offered some post-election analysis and said investors are as clueless as the pollsters.
The US stock market is coming off its worst week since March. It was also the worst pre-election stock market in history. In his latest podcast, Peter talked about the market, the election and what’s likely ahead.
Stocks sold off Monday as markets fretted over the lack of progress on stimulus and a rise in COVID-19 cases. In his podcast, Peter talked about the sell-off and the political dynamics driving the markets right now. He also drove down to a question nobody seems to want to grapple with: why are the markets and the economy so dependent on and desperate for stimulus?
US stock markets continued their inexplicable rally despite the economic destruction wrought by the coronavirus-induced shutdown. The S&P500 is only down about 3.5% on the year and the NASDAQ is actually up. As a result, a lot of investors seem to be getting out of safe havens, including gold. But in his podcast, Peter Schiff explains why selling gold is a mistake if you understand what’s really going on. In a nutshell, stocks are rising because the Fed is printing money. And no matter what the mainstream says, money printing matters.
Protests have rocked the US in the wake of George Floyd’s death at the hands of a Minneapolis police officer. In some areas, peaceful protests have crossed the line into violence and looting. But the real question is what are the long-lasting political ramifications that will come out of the unrest?
Peter Schiff talked about it during a recent podcast and worried that it could lead to bigger government and more socialism.
On Friday afternoon, Federal Reserve Chairman Jerome Powell did a Q&A session with Princeton economist Alan Blinder. Powell admitted that the central bank had “crossed a lot of red lines,” but insisted he was comfortable with the actions given “this is that situation in which you do that, and you figure it out afterward.”
In his podcast, Peter Schiff called it the Nancy Pelosi version of monetary policy. “We need to print the money to see where it goes.”
Sometimes you need to look back at where we come from to understand where you’re going. Peter Schiff does just that in his May 27 podcast. He analyzes the stock market surge of last year and concludes the mainstream might be a little over-optimistic on where we’re heading. The recent surge in stocks isn’t based on economic reality. The economic reality is we’re an insolvent zombie nation. We’re just on a giant Fed-induced sugar high.
The Federal Reserve and the US government are rerunning the exact same policies they turned to in the wake of the 2008 financial crisis, but on a much grander scale. We have bigger QE, more money printing, more government spending and bigger deficits. During his podcast, Peter Schiff said it was a mistake then, but they got away with it. They won’t get away with it this time.
Earlier in the week, gold sold off on the announcement that initial trials on a coronavirus vaccine looked promising and on Thursday, gold was selling because, as CNBC put it, the yellow metal was “pressured by hopes of a swift recovery from the coronavirus-driven recession.” During a recent podcast, Peter Schiff said this just goes to show that people don’t understand gold or why its price is generally rising and why they need to buy gold now.
Despite Fed Chair Jerome Powell throwing cold water on the prospect of a quick economic recovery last week, there is still a lot of optimism out there. There is also an appalling lack of concern about all of the debt and money printing going on. In a recent podcast, Peter said nobody expects this to lead to an inflation crisis or a dollar collapse. But what can’t last forever won’t. And it won’t be a crisis — until it becomes one.
