In his most recent video blog, Peter Schiff explains how the bankruptcy of Detroit is a microcosm of the what is happening on a larger scale with the entire US. He also explains how frightening it is that Ben Bernanke admitted that he doesn’t understand gold.
[Bernanke is] the head of a central bank. Gold is a monetary asset. Central banks hold gold as reserves… How can our chief central banker admit that he doesn’t understand gold? … It’s kind of like a coal miner having no idea what that canary is doing in a coal mine. Maybe the canary drops dead and the coal miner [says], ‘What’s up with that canary?’ And then just going about his day… If he doesn’t get out of that mine, he’s going to die too! … Gold tells you if your monetary policy is correct.”
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If you missed Ben Bernanke’s testimony last week, you can listen to Peter Schiff tear apart the lies of the Fed Chairman in this short video from The Peter Schiff Show.
[Bernanke] doesn’t see any difference between normal monetary policy and the quantitative easing that he’s doing now, these extraordinary measures? He said, ‘I don’t think so’ in answer to the question, ‘Are your monetary policies causing credit to be misplaced?’ I don’t think so? That is the direct intent of the policy. He implemented the policy to bring interest rates down to a level below their natural rate. He is trying to influence interest rates and direct the flow of credit to housing and government and away from other sectors.”
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Peter Schiff has just released a new research report – The Powerful Case for Silver. The report gives an in-depth analysis of silver’s fundamentals and its unique potential to grow your wealth. Watch Peter introduce the new report in the video below, or:
Download The Powerful Case for Silver Now
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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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In his latest exclusive video on the gold market, Peter Schiff answers the question on everybody’s mind: “Where is the bottom in gold and is it time to sell?” Peter explains how speculative money drove the current decline in the price and why the strong fundamentals of gold indicate the price may rise even faster than it has fallen.
If [gold] does [drop to $1,000], I don’t think it’s going to stay there very long. I think the price is going much higher. Not only than where it is now, but higher than $1,900, which was the peak of this recent move. I think this decline is being driven entirely by speculators.”
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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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In his latest video blog, Peter Schiff tears apart Ben Bernanke’s latest public statements about the state of the economy and the Fed’s ability to taper or end its stimulus.
When the gold market wakes up to the fact that there is no tightening, there’s just endless easing, that we just have one big bubble – then I think we’ll have a mass scramble on the part of everyone who sold their gold to buy it back. Where they’re going to get it, I don’t know. Who’s going to be sellers at these levels once that moment happens…I don’t know. So I would expect to see a very, very rapid rise in the price of gold.”
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In his latest appearance on CNBC’s Futures Now, Peter Schiff defends his claims that gold is going to the moon and the economy is preparing for another recession.
The Fed is going to have to wave the white flag, not me. They’re going to have to admit that it hasn’t worked and they’re going to up the size of QE. Meanwhile, the gold traders are preparing for something that’s not going to happen and they’re going to be caught by surprise. You’re going to see a vicious rally in gold as people look to re-buy the gold they sold based on the false premise that the economy was improving and the Fed was going to tighten.”
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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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