Peter Schiff: This Is a Phony Recovery (Video)
Peter Schiff appeared on Fox Business this week and the first thing he did was talk about how good gold investments are doing, saying they are “the best…doubled or more.”
He then launched straight into the reason why. The economy is a mess.
If this economy wasn’t a disaster, Trump wouldn’t have the support that he does. Neither would Bernie Sanders. This is a phony recovery.”
Peter pointed to the horrible year retailers are having to boost his case, hit on the “auto bubble,” and went on to talk about what’s going to happen when the Federal Reserve is finally forced to acknowledge that we are in a recession.
Highlights from the interview:
“The gold investments are obviously doing the best…doubled or more.”
“Goldman Sachs came out today and updated Newmont Mining from a hold to a buy. Newmont has already doubled this year, and now they’re saying buy it. They’re actually not late because I think it’s going much, much higher.”
“This is just getting started. These gold stocks are just recovering ground they never should have lost.”
“I don’t know why anyone is surprised about these bad numbers coming out of Macy’s. The retailers have been reporting terrible sales all year. The consumer is broke, we are back in recession. That’s why Trump is the nominee. That’s why Bernie Sanders is beating Hillary Clinton in all these primaries, because the voters know how awful this economy is. They don’t have any money left to spend.”
“If this economy wasn’t a disaster, Trump wouldn’t have the support that he does. Neither would Bernie Sanders. This is a phony recovery. “
“That is the next big thing – when the Fed has to capitulate and acknowledge that we’re back in recession, because that’s the last thing Janet Yellen wants to do.”[Responding to question asking how $17 million cars sold is a phony economy] “Because it’s a bubble. You look at the terms that these cars are being sold on. And of course, a lot of young people are buying cars because they still live with their parents. That’s the only thing they can afford. You know, a lot of people are living out of their cars.”
“[The next big danger to the economy] is going to be the revelation that the recovery is over and we’re back in recession. And instead of rate hikes, the Fed is going to cut. The Fed is going to do QE4. And they may even go negative. You’ve got your gold dress on for a reason.”
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