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

Peter Schiff: Trump Is Setting Himself Up as the Fall Guy (Video)

  by    0   2

Peter Schiff recently appeared on InfoWars with Alex Jones and took on the notion that Pres. Trump is in the process of fixing the economy. In fact, Peter pushed back hard against Alex, saying we are on the verge of a crash and Trump is going to get the blame.

I agree with you. The economy is going to blow up. But it’s going to blow up like a bomb. It’s not a good thing. It’s a bad thing. Unfortunately, that’s what Trump has inherited from Obama. But it’s not even really just Obama. It’s the Federal Reserve. It’s the monetary policy that has been passed like a baton from Clinton, to Bush, to Obama, and now to Trump.

Peter predicted the collapse will happen under Trump’s watch. Peter has said in the past that Trump is not helping himself by taking credit for the soaring stock market. And when things go south, he’s going to get the blame.

He owns the stock market bubble. He and the Republicans own the economy now thanks to the tax cuts. They’re not going to make any difference, but they are going to give the Democrats a reason to blame it all on Trump and the Republicans.”

Peter then turned to a theme he’s hit several times in recent podcasts, saying the falling dollar and rising bond yields signal the economy isn’t nearly as good you might think if you just watch stock market prices.

What’s happening is inflation is rearing its ugly head in a big way, and this is going to push up interest rates.”

And therein lies the problem with the tax cuts. They will further expand a soaring national debt. Coupled with a rising trade deficit, this spells trouble.

The budget deficits are going to soar. The trade deficits are at record highs. They’re going to soar. These rising twin deficits, increasing interest rates – its reminiscent of 1987 before the market crashed. The problem is we are more dependent now than we ever have been. The Federal Reserve made the mistake of  creating a huge bubble economy that completely depends on extremely low interest rates to survive.”

Alex pushed back against Peter’s narrative, asking, “What was Trump supposed to do?” Peter said he should have stuck to his message as a candidate – admitting that the economy is a mess and the stock market is a big, fat, ugly, bubble. Instead, Trump has taken credit for the economy and the soaring stock market. Now he’s set himself up as the fall-guy.

He campaigned and said [the stock market] was a bubble. It wasn’t his bubble. Now it’s his bubble. That’s the problem. But if he would have said, ‘It’s a bubble, it’s going down,’ it wouldn’t have been his fault, because part of the cure for the economy is deflating these bubbles. It has to be done. Someone has to rip this band-aid off.”

Peter said George W. Bush was in a similar situation.

He inherited a bubble. Instead of leveling with the American public, he pretended everything was great. And then the bigger bubble that was inflated while he was president collapsed, except that he got a second term because his bubble didn’t really pop until the end of his second term. I think Trump’s is going to pop during his first term because this one is much bigger and we don’t have as much time.”

Peter went on to explain how he thinks things will go down. Rising consumer prices and rising interest rates are going to create significant headwinds for the economy. All of the cheap money will eventually go away, weakening the economy further. The Fed will see this. If it continues to raise rates, the economy will go into recession. But will the Fed be willing to let that happen? Most likely not. The central bankers will more likely call off the rate hikes in hopes of protecting the stock market bubble. That will set off a currency crisis.

The dollar will plunge. Not just make new lows, but destroy the old lows and that will set off an economic crisis that’s far worse than the financial crisis … When the dollar collapses, it wipes out the middle class. People are going to be impoverished and they are going to blame Trump.”

Get Peter Schiff’s most important Gold headlines once per week – 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: The Dollar Is Not Just Going Down; It’s Going to Crash

As gold was closing in on its all-time record price last week, Peter Schiff appeared on the Claman Countdown and warned about the looming dollar crisis. Claman set up the interview pointing out that Peter predicted this big move up in gold months ago and asked, “What’s your new prediction about the dollar?”

READ MORE →

Jim Grant: Confidently Bullish on Gold and Silver

Jim Grant has long been skeptical of the mechanization of the Federal Reserve. He was warning about the distortions created in the markets and broader economy caused by the central bank’s monetary policy long before the monetary Hail Mary it threw up in response to the coronavirus pandemic. Last month, Grant wrote an op-ed for […]

READ MORE →

Peter Schiff and Johnny Bravo: The End of the Dollar Standard

Peter Schiff recently did an interview with Johnny Bravo. They talked about the gold standard, inflation, the looming dollar crisis, presidential politics, and the foolishness of Modern monetary theory. Johnny opened up the show declaring that governments will never allow a gold standard. They hate gold. He asked Peter, why?

READ MORE →

Peter Schiff on the Joe Rogan Experience

Peter Schiff appeared on the Joe Rogan Experience this week. The wide-ranging, three-hour interview covered a number of topics, including a critique of socialism, the 2020 presidential election, the recent social unrest and how to fix troubled communities, how the minimum wage hurts workers, and the economic impacts of the coronavirus.

READ MORE →

Peter Schiff: How to Avoid Getting Wiped Out by the Inflation Tax

Peter Schiff recently appeared on Mark Dice’s show to talk about the looming financial crisis. Peter explains why a dollar crash is on the horizon and what the average person can do to keep from getting wiped out by the inflation tax. In the months leading up to the 2008 financial crisis, Peter warned it […]

READ MORE →

Comments are closed.

Call Now