Stock markets made new highs on Wednesday, but as Peter Schiff explained in his latest podcast, there are a lot of cracks under the surface. The markets are surging forward even as they overlook bad economic data and chilly political winds.
Christine Lagarde will take over the reins of the European Central Bank in November. The financial markets seem to love the pick. We should take that as a warning sign.
We focus most of our attention on the Federal Reserve. But other central banks around the world also contribute to global financial instability. For instance, the European Central Bank has injected trillions of euros into the EU economy with more than a decade of quantitative easing and interest rates below zero. And like Federal Reserve policy, all of this monetary stimulus has blown up giant asset bubbles.