Peter Schiff hit a number of subjects in his most recent podcast, including bitcoin, the stock market, wealth inequality, the Fed and the voting age. He also said we should be thankful for capitalism.
Speculation continues to swirl around the question of who President Trump will appoint as Federal Reserve Chair when Janet Yellen’s term comes to an end in February.
Trump will reportedly meet with Yellen this week to discuss the possibility of her staying on as the head of the central bank. During the presidential campaign, Trump was highly critical of Yellen, saying she is “obviously political,” and accusing her of “doing what Obama wants her to do.”
Minneapolis Fed President Neel Kashkari said the central bank should keep the bubbles inflated.
OK, he didn’t say that exactly. But that was the message reading between the lines of a speech Kaskari delivered this week. Specifically, the Minneapolis Fed president said the Federal Reserve should not raise interest rates in an effort to prevent bubbles.
Given the challenges of identifying bubbles with any confidence and the costs of making a policy mistake, I believe the odds of circumstances ever making sense to use monetary policy to try to slow asset prices down are very low. I won’t say never—but a whole lot of evidence would have to line up just right for it to be the prudent course of action.”
The former Goldman Sachs Group executive was the lone dissenter when the Fed raised interest rates in March.