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

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.”

scam-2-sm

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

New Peter Schiff Interview: We’re Paying the Price for Deficits

Last week, Peter was interviewed on Speak Up with Anthony Scaramucci. In their conversation, they covered a wide range of important topics, including inflation, the fate of the dollar, and the trade-offs between gold and cryptocurrency. 

READ MORE →

Peter Schiff: Gold is the Canary in the Economic Coal Mine

This weekend, Todd Sachs interviewed Peter on the state of the economy. They discuss the parallels between now and the 2007-2008 housing crisis, the role of economic sentiment in voters’ opinions, and why foreign central banks are losing faith in the dollar.

READ MORE →

Gold Hits New All-Time Record High

Gold hit a new all-time nominal high, surpassing the previous record set in December of the previous year. The precious metal’s price reached approximately $2,140, indicating a robust and continuing interest in gold as a safe-haven asset, despite a rather peculiar lack of fanfare from the media and retail investors. This latest peak in gold […]

READ MORE →

New Peter Schiff Interview: California Dooms Workers and Congress Kicks the Can Down the Road

Peter recently appeared on OAN’s Real America with Dan Ball to discuss the minimum wage, government spending, and inflation. He first points out the blatant corruption of the California state government, which recently passed a $20 minimum wage for all fast-food restaurants except those that bake their own bread. The state’s governor, Gavin Newsom, has […]

READ MORE →

Peter Schiff: Household Debt Highest In Nation’s History

In a recent interview, Peter Schiff was featured on Real America with Dan Ball. 

READ MORE →

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 to Ron May Cancel 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