Contact us
CALL US NOW 1-888-GOLD-160

CNBC Admits Peter Schiff Was Right (Video)

  by    9   4

Last month, Peter Schiff told CNBC the US stock market would fall dramatically if the Federal Reserve hiked rates. That is exactly what has happened in the new year, and when CNBC spoke with Peter yesterday they admitted his prediction had been right. However, they were still skeptical of Peter’s forecast of the economy sliding back into a recession. Notice how Peter’s favorite rival, Scott Nations, kept his mouth shut through the entire interview. Peter noted: “The expression on his face is priceless. I did not even know he was there.” Review their rivalry here.

The markets are going to drop until the Fed changes the game. When is the Fed going to take away the rate hikes? When are they going to cut? When are they going to launch QE4? That’s the only thing that’s going to put a floor beneath the market, because the economy is going into recession.”


Highlights from the interview:

“I don’t think what’s happening in China is the reason for the market decline. I think the reason the market is going down is because the Fed pricked the bubble, the Fed raised rates. You can claim one of the reasons the Chinese market is selling off is because of what the Fed did. All of these problems are emanating from the Fed. Yet we’re trying to rationalize it by trying to pretend that what’s happening in the US stock market has to do with factors beyond our control. I think that is a way to rationalize what’s happening so people can continue with this narrative that everything is fine, that we have a legitimate recovery, that the Fed can continue to raise interest rates, and everything is going to be great. All we had is a bubble. All the problems that everybody believes were solved were actually exacerbated during the seven years of zero-percent interest rates and quantitative easing. Now the Great Recession of 2008 is going to resume in earnest…

“What’s happening in China – they’re having pressure on their currency, the yuan, because many other currencies have already dropped in anticipation of all these rate hikes that are never going to materialize. So it’s the weakness in the yuan that’s causing the capital flight from the Chinese markets. But all of that is based on the Fed raising rates and the erroneous belief that a lot more rate hikes are going to follow; this is going to be some sort of normal tightening cycle. It’s not…

“The markets are going to drop until the Fed changes the game. When is the Fed going to take away the rate hikes? When are they going to cut? When are they going to launch QE4? That’s the only thing that’s going to put a floor beneath the market, because the economy is going into recession. Corporate earnings are going to continue to fall. Why should the market not go up? The entire reason the market rallied was based on the Fed. They’ll even admit this. They deliberately engineered a stock market rally to create a wealth effect. Well that phony rally cause the economy to do things that it shouldn’t have done. People behaved in ways they shouldn’t have behaved had they not had all this phony wealth. Now that that phony wealth is disappearing, we have to basically correct all the damage…

“I’m still invested. I’m just not invested in the US. Obviously, the strength of the dollar is hurting the value of all of my international investments. But I am waiting for the Fed to capitulate; for the Fed to admit that the economy is weaker than they believed and that they are going to do more stimulus. I believe that is going to be very good for the foreign investments that I’m holding.

“Yes, I do hold gold. Gold has risen somewhat since the Fed hike rates, but it really hasn’t risen that substantially, because people still believe in the myth of this recovery. They still believe the US economy is the cleanest dirty shirt in the hamper…”

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

Related Posts

Peter Schiff and Laura Ingraham: The American People Will Get the Worst of Both Worlds — Inflation and Recession

Despite White House and media spin downplaying a recession, a lot of people aren’t buying. Fifty-seven percent of small business owners say a recession has already begun. Peter Schiff talked with Laura Ingraham about government spending, taxation, inflation, household debt and the recession. He said the recession is already worse than people think.


Peter Schiff and Megyn Kelly: This Recession Is Just Getting Started

GDP fell 0.9% in the second quarter. This followed on the heels of a -1.6 GDP print in Q1. Back-to-back contractions in GDP have historically been defined as a recession, but the Biden administration and their apologists insist we aren’t in a recession. Peter Schiff appeared on the Megyn Kelly show to talk about the […]


Peter Schiff: Americans Paying for Big Government Through the Inflation Tax

Rapidly rising prices put the squeeze on everybody’s wallets. A recent study showed that inflation is hitting rural Americans particularly hard. According to the Iowa State University report, people in rural areas now spend 91% of their income on expenses alone. Peter Schiff recently appeared on Rob Schmitt Tonight to talk about the pain of […]


Peter Schiff and Laura Ingraham: The White House Recession Denial

The economic data indicates that the US economy is already in a recession. The Biden administration wants you to think otherwise, and the White House has come up with an interesting way to deny the recession reality. Just change the definition of a recession. Peter Schiff appeared on the Ingraham Angle with Lauren Ingraham to […]


Peter Schiff and Tucker Carlson: There’s an Economic Hurricane on the Horizon

Peter Schiff recently appeared on Tucker Carlson to talk about inflation, the economy, and Treasury Secretary Janet Yellen’s admission that she was wrong about inflation. There’s an economic hurricane on the horizon and Peter said it’s going to be a Cat 5.


9 thoughts on “CNBC Admits Peter Schiff Was Right (Video)

  1. Ron May says:

    It’s not too late to make America Great again! Peter Schiff for President!

  2. jrj90620 says:

    @Ron May.Americans would never vote for Schiff for President.If they would,then it would mean they believed what he thinks and that we could turn this country around.Most Americans believe the opposite of Schiff.They look to govt as their savior.They demand more welfare from govt and someone else to pay for it.So,the problem is that we are a Democracy,run by citizens who are short term greedy and long term stupid.In other words,it’s hopeless.The Titanic is going down and no one is going to stop it.

    • Irena K says:

      As is very well explained in P. Schiff’s (and brother) book “How an economy grows and why it crashes”, he belongs to an”Austrian school” of economics (vs. Keynesian). The populust Keynesian principles appeal to the majority of the population while more austere Austrian principles do not. Moreover, due to its inherent nature, Keynesian followers keep growing, while Austrian ones are marginalized and lynched. In my humble understanding, the “Austrian” thinking is sober, responsible and accountable for its actions. The Keynesian thinking exists in euthoria, is irresponsible and expects someone else to step in to save it. It’s like a child who is responsible about his/her actions and finances vs. the obnoxious child who calls the parents all the time for a bailout.
      Of course, with our current national entitlement attitude, one can clearly see how the Keynesian attitude resonates with the majority of the population. Therefore, yeah, P. Schiff would never be elected.

  3. Sean says:

    What are some specific buys other than gold? Austrialian small caps seem promising…how about Inverse Dow etfs? Any specific investments in foreign markets worth noting? Any one have any input??

  4. Irena K says:

    Peter, my condolences for the loss of your father – truly a special person.

  5. Mark says:

    Of course Peter was right , you can’t cheat fundamentals for ever.
    Fed used credit card for last 7 years and of course in future they will use more tricks to fool more people. The game is not over yet in my opinion. Present crush of the stock market is engineered by them , they had a lot time to sell their stocks ,they tricked a lot investors with their “recovery”.Now they waiting for real crush with $$$

  6. Todd says:

    Nice of CNBC to bring Peter back on. I watched video(s) (2006-2007) of Peter on Fox Business (Cavuto) and all the guests were yelling at Peter. I couldn’t find any video where someone apologized. I’ve enjoyed Fox for years, but I just lost some respect for them. Peter, you’re a class act. You stick to your guns and do it calmly and confidently. No, “I’m the best” even when you’re prompted with a “victory lap” comment. Thanks for the sage advice!

  7. Marc says:

    I want to join Irena K and offer my condolences on the loss of your father. It is more than a shame what the US government did to that man of principle. I am thankful even though you’ve been led in a different direction that you have not laid down the tenacity to stay the course that you’ve seen set before you. God bless.

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