Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Peter Schiff at Jackson Hole Summit: The Monetary Roach Motel (Video)

  by    1   1

In August, Peter Schiff was a guest speaker at The Jackson Hole Summit, a gathering of free-market activists warning of the dangers of overreaching central banks and irresponsible monetary policies. The Summit coincided with the official central bank conference held every year in Wyoming.

Peter’s speech was titled “Monetary Roach Motel: There Is No Exit from the Fed’s Stimulus”, and he reprised his consistent message of how the Federal Reserve created the economic problems it is pretending to solve. Peter also spent some time exposing Janet Yellen’s terrible track record as an economic forecaster.

WhyBuyGoldNowBanner.070815.590

Highlights from the speech:

“I’ve been saying for years that the Fed has been bluffing about raising interest rates, because the Fed wants to pretend that its policies were a success. If it raises interest rates, it will prove that they were a failure… When the financial crisis took just about everybody by surprise, the conventional wisdom was, ‘Okay, the US economy has been crippled by this crisis, and we need the Fed to save us, to provide us with some kind of crutches that we would use temporarily until we got over the pain.’ Of course, that puts aside the fact that it was the Fed that crippled us in the first place, but everybody thought that the Fed was going to save us. What were the crutches that were supposedly going to help us? One was zero percent interest rates. And the other was quantitative easing…

“They didn’t give us crutches. What the Fed did was knock the legs out from under the economy. They severed our actual legs and replaced them with these prosthetics of quantitative easing and zero percent interest rates. If the Fed takes those away, the stump of the economy is going to come collapsing down…

“You have two camps. You have people who think the Fed should raise interest rates right now: ‘The economy is strong enough, let’s raise rates.’ Then you have the other camp that says, ‘No, no, no. The economy needs more help. It’s not quite strong enough yet. We need to keep interest rates at zero.’ Both camps are wrong. The Fed needs to raise interest rates right now. Not because the economy can take it, but because it can’t. Again, it is a bubble that needs to be popped. The sooner we pop it, the better…The Fed didn’t save us from the financial crisis. They simply interrupted it…

“If she [Janet Yellen] couldn’t see [the housing bubble] crisis coming, why would anybody expect her vision to be any better now? The truth of the matter is the last crisis was created by the Fed. And so is this one. They’ve created it by doing the exact same thing…

“Janet Yellen actually said, ‘We are going to shrink the balance sheet down to $1 trillion by the end of the decade.’ Yeah, good luck with that. It hasn’t shrunk at all since she made that promise about a year ago… How are you going to raise interest rates now that you’re so addicted? How much more debt do we have today than we had seven years ago? How much painful is it going to be to try to service that debt if interest rates go up? The truth of the matter is interest rates have to stay at zero, because that’s all we can afford…

“2015 is probably going to be the slowest year of GDP growth of the entire so-called recovery. And interest rates have been at zero for the entire year… A lot of the [economic] numbers coming out are so bad that we haven’t seen numbers this low outside of a recession. Remember, the Great Recession, which began in December 2007 – I was doing TV shows, debates with people in mid-2008 about whether we were heading into a recession. We were already in one. And most people thought there was none on the horizon, including the Federal Reserve…”

Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

There’s a Herd of Elephants in the Room

Among the many problems currencies the markets face, there is one that is undocumented: the eurodollar market. This is yet another very large elephant in the room. This article quantifies eurodollars and eurodollar bonds, which are additional to US money supply and credit.

READ MORE →

Fed Talk and Dot Plots: There’s a Big Difference Between Saying and Doing

The Federal Reserve held interest rates steady at the September FOMC meeting, but the committee indicated that it plans to hold rates higher for longer than originally projected. As you digest the Fed meeting, it’s important to remember that there is a big difference between “saying” and “doing.”

READ MORE →

Currency Wars Versus Gold Standards

Russia and the Saudis are driving up oil and diesel prices. But these moves are likely to undermine the rouble more than they undermine the dollar, euro, and other major currencies. Therefore, higher energy prices will rebound on the Russians this winter: if they shiver in Germany, they will freeze in Russia. If the dollar […]

READ MORE →

“Silver Isn’t Scarce” and Other Myths

A commenter on the SchiffGold Facebook page recently asserted that silver coins are “junk.” Why? Because as he put it, “silver is not rare,” and, “The silver/gold ratio investment premise is obsolete in this industrial, computerized and AI world.” What should we make of these assertions?

READ MORE →

CPI Spiked Again in August Throwing Cold Water on Disinflation Narrative

About that disinflation… It was transitory. As we predicted, a jump in gasoline prices helped drive the August Consumer Price Index (CPI) higher, throwing cold water on the disinflation narrative.

READ MORE →

One thought on “Peter Schiff at Jackson Hole Summit: The Monetary Roach Motel (Video)

  1. Ray says:

    When it comes to finances I know squat. But even I, a financial midget knows that the FED will not raise rates and I also predicted
    that Yellen would not raise rates and she will not raise rates in 2015 period. Should you genius’es out there(Scott Nations)believe she will raise the rates put your money where your mouth is and bet me a $1,000.00. Just answer on this program and we will try and set this up.
    My advice is buy precious metals while you can.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now