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CNBC’s Scott Nations vs Peter Schiff: Round 2 (Video)

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On CNBC this afternoon, Peter Schiff got into another heated confrontation with Scott Nations about the Federal Reserve. Peter defended his record concerning Fed rate hikes, as well as his long-term advice to buy physical gold. Meanwhile, all Nations could turn to as proof of a coming rate hike in 2015 were unemployment figures. But as Peter has consistently pointed out, the phony unemployment data has been constantly improving – so why hasn’t the Fed raised rates?

Peter and Nations refer back to their last encounter in July – click here to watch it now.

I was telling people to buy gold when it was under $300, and it’s still over $1100. Gold has outperformed the US stock market since I made that call. Yes, gold is off the highs. So is the stock market. Gold is down less than the stock market today. I still think it’s going a lot higher, and probably Scott’s not going to buy any…”

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Highlights from the interview:

“I don’t think Janet Yellen ever intended to hike rates. That was the point I was making the last time I was on [CNBC]. They use the excuse of global markets or the global economy, but that had nothing to do with the Fed’s decision. That was simply their excuse not to do what they never had any intention of doing, because they can’t – and that is raise interest rates. We are stuck at zero. This is a gigantic bubble. The last thing the Fed wants to do is prick it. But the air is coming out all by itself. Just keeping rates at zero is not enough to support this market. The market is going to, unfortunately, want another dose of quantitative easing. That is what Janet Yellen is going to deliver to the detriment of the real economy…

“Sure, it’s a remote possibility [that the Fed raise rates in 2015]… But I don’t think it’s likely. If the Fed was going to raise rates, why didn’t they do it already? If they didn’t do it in September, what’s going to change in October? All we get is more economic news that’s bad. Look at the Philly Fed numbers that came out today – awful… This economy is rapidly decelerating…

“It’s possible these dissenting [Fed] opinions may be genuine. Or maybe they’re just out there as part of the show, part of the bluff, to create this theatre like there is some kind of tension at the Fed…

“Everything is going down despite zero-percent interest rates. All we’ve got for the Fed to hang its hat on are these phony unemployment rates. Yes, we have a low unemployment rate. Big deal. Nobody’s looking for work. They’ve all left the labor force. They’ve all settled for part-time jobs. Look at the home ownership rate – the lowest it has been since 1967, and that’s only because old people still own their homes. Look at the home ownership rate of people in their 20s, 30s, 40s – we’ve never seen anything this low. Meanwhile, rents keep going up. Consumers have no purchasing power. They have lousy jobs. They’re drowning in debt. This economy is a disaster, thanks to the Fed…

“Eventually the foreign exchange markets are going to get wise to this con. They’re going to figure this game out, and they’re going to realize that the Fed is never going to deliver on this promise [of a rate hike], that rates aren’t going to go up, that the balance sheet is never going to shrink, that it’s going to grow in perpetuity. And then there is going to be a currency crisis…

“[Gold is not rallying], because most people think like Scott. They don’t think like me. Most people believe the Fed. They think the Fed is going to raise rates. They believed Yellen, just the way they believed Greenspan in the late 1990s. There’s a bubble in the dollar, and so gold is depressed as people are looking for tighter monetary policy at the Fed, which would really be unprecedented. If Janet Yellen shrunk the balance sheet like she’s pretending she’s going to do – there’s not precedent for that. We’ve never had that at the Fed…

“I didn’t say there would be QE4 before September. I just said I didn’t think the Fed was going to raise rates in September, or anytime this year, and Scott said I was crazy for saying something so outlandish…

“I was telling people to buy gold when it was under $300, and it’s still over $1100. Gold has outperformed the US stock market since I made that call. Yes, gold is off the highs. So is the stock market. Gold is down less than the stock market today. I still think it’s going a lot higher, and probably Scott’s not going to buy any…”

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6 thoughts on “CNBC’s Scott Nations vs Peter Schiff: Round 2 (Video)

  1. Jerome Eisen says:

    Many of the top economist of the world say like Peter Schiff we are in the begin of the end of this magnipulate the economy of the world where the dollar and the other currencies are on their way to the grave yard by the crooked central banks and some say as early as in a few months time all this will take place.

  2. Mark says:

    If employment is up , why then consumer spending is down?
    Specially with dollar stronger against other currencies.

  3. Nations said that Yellen thinks employment is the most important data point to her, but I don’t think that’s true. In June she emphasized that inflation was not anywhere near where she wanted it to be; well, it’s no better now, and it’s not going to get better as oil and other items continue to plunge. She’s locked in to zero – for years.

  4. pat says:

    I have more reason to believe Peter shieff than I have to believe Janet Mary Poppins. I am long on Gold, Silver, and I am buying all miners that have sound fundamentals. Lots of fiat paper on standby also just waiting for the other shoe to drop. markets are propped up and totally rigged by high speed mega frequency traders.

  5. Josh says:

    Why doesn’t Peter ever bring up the broken pricing mechanism of the Comex when people challenge him on gold? People always say “why isn’t gold up?”

    Do they look at the Comex as a fair and accurate indicator of individual investor interest in gold?

  6. Lad says:

    Nations looks uncomfortable. Kinda funny how he wanted to harp on the unemployment rate figures that the Fed is supposedly basing their decision on when years ago Bernanke said 6% would’ve been a good time to raise them. As Schiff constantly reminds people, whenever they achieve their intended economic data points they just move the goal post and come up with another excuse.

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