On Nov. 18, Peter Schiff appeared on RT Boom Bust to talk stock markets, trade war and Federal Reserve policy. He said that right now the Fed is doing a good job stimulating the bubbles, but ultimately, it’s going to end very poorly.
On the trade war front, there seems to be a lot of conflicting information and continual yo-yoing between pessimism and optimism. The Chinese seem less confident while White House economic advisor Larry Kudlow says a deal is close.
Peter said he thinks China is posturing for negotiations.
The Dow pushed above 28,000 on Friday. The Nasdaq also closed on a record high above 8,500, and the S&P 500 made a new record high of 3,120. This despite some more gloomy economic data that came out during the day. Industrial production dropped more than expected, falling by 0.8 in October. Inventory numbers were also revised down. All of this led the Atlanta Fed to revise its Q4 GDP estimate down to 0.3.
In his most recent podcast, Peter Schiff said that it’s QE and Federal Reserve policy that is driving the stock market, not a great economy. In fact, the Fed is creating all kinds of bubbles. And like all bubbles, they will eventually pop.
The price of gold whipsawed this week, driven up and down by various headlines. In this episode of the Friday Gold Wrap, host Mike Maharrey covers some of the big news that moved the markets. But he said that we need to keep our eyes on the big picture. All of this is happening in front of a backdrop of surging debt driven by central bank policy. How much do we owe and what does it mean for the future? Mike talks about it.
Donald Trump has been badgering Federal Reserve Chairman Jerome Powell for months, begging for lower interest rates. Yesterday, he took things to another level, saying that the “boneheads” at the Fed need to push rates into negative territory.
In his podcast, Peter Schiff said negative interest rates are boneheaded.
Gold has had a pretty solid month, but silver has been going up like it’s on rocket fuel.
In this episode of the Friday Gold Wrap, host Mike Maharrey takes a close look at the silver market and what’s going on there. He talks a little trade war, saying that maybe we shouldn’t be talking so much about the trade war. And he also touches on some economic news that came out the week.
One day Trump is on Twitter ratcheting up the trade war with China and the next he is pulling back and saying a deal is close. This back-and-forth has been yo-yoing markets for months. Peter Schiff recently appeared on RT Boom Bust to talk about the trade war. He said he doesn’t think there’s much substance to promises of a big trade war win. And even if the trade war is resolved, it’s not going to fix the fundamental problems underlying the US economy.
Donald Trump went on a Twitter rant Friday. In his latest podcast, Peter Schiff said the president basically “lost it.”
There was a lot of news on Friday before Trump went off on Twitter. Jerome Powell gave his speech at Jackson Hole. He was generally upbeat about the economy. Then China announced additional tariffs on $75 billion in American imports. But the real fireworks started with Trump’s tweets in response to the Chines tariff retaliation.
This week has been relatively quiet in the markets. Gold has drifted up and down as traders wait to see what kind of message Fed Chair Jerome Powell will deliver during his Jackson Hole speech. In this episode of the Friday Gold Wrap, host Mike Maharrey covers some tidbits of news and speculates about what Powell will say. Then he pivots and talks a little bit about President Trump and the strange economic tightrope that he’s trying to walk.
Last week, the yield curve inverted, with the yield on the 10-year Treasury falling below the yield on the 2-year for the first time in 12 years. This has historically been a good predictor of recessions. US stock markets sold off on the news, with the Dow shedding 800 points. As Peter Schiff noted in his most recent podcast, the mainstream also suddenly started talking about the possibility of an economic downturn.
As Peter put it, the media has flipped the narrative on Trump.
Peter Schiff appeared on Fox Business After the Bell last week after the yield curve inverted and the Dow dove 800 points. Peter said the looming economic disaster for the US will turn into a political disaster for Pres. Trump.
Peter started out the interview asserting that everything the Federal Reserve has done since the 2008 financial crisis was a mistake.
