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

Peter Schiff: Nobody Should Be Taking Credit for the US Economy

  by    0   0

Last week, Peter Schiff gave a speech at the Orlando Money Show and made the case that all the hype about the greatest economy in history is just that – hype. Nobody should be taking credit for the economy. We should be asking who is to blame.

During his State of the Union Address, President Trump talked up the economy. He said we are now experiencing an economic boom, unlike anything the world has ever seen. But Peter said we have seen it before — just before he was elected during Obama’s second term. There’s basically no substantive difference, Peter said to a smattering of boos.

But Peter has facts to back up his assertion. For one thing, the budget and trade deficits are bigger now than they were when Trump was elected.

If America’s economy was in decay because of trade deficits which are now larger than they’ve ever been, how are the years of decay over?”

And GDP growth was a tepid 2.3% last year.

How was that any different than the 2.3% we got under Barack Obama? Again, the only difference is we had to borrow even more money to achieve the same level of fake GDP growth that we did under Obama. The reality is nobody should be taking credit for the current US economy. The question is who deserves the blame?

Why has the morbid growth during the Obama era continued under Trump?

The answer doesn’t have anything to do with either president. The blame for this bubble economy – and that’s exactly what this is – falls squarely in the lap of the Federal Reserve.

The Federal Reserve is pursuing the same monetary policy that got Trump elected.”

Peter goes on to explain how the Fed reversed its monetary policy last year to save the stock market with rate cuts and QE when the air started coming out in the last quarter of 2018.

The reason that QE and zero percent interest rates did not result in a dollar crisis when the Fed did it the first time, the reason the price of gold stopped going up when it hit $1,900 and pulled back to $1,000, was because the Fed was able to fool everybody into believing that they actually had an exit strategy, that this monetary policy was just temporary.”

At the time, Peter said this was impossible.

The Fed is now proving me right by cutting interest rates long before they got anywhere near normal, and by going back to quantitative easing.”

The Fed policy clearly isn’t temporary. But the problem is that it can’t go on forever without generating significant inflation – and not just in the asset markets.

Eventually, all that inflation moves from the stock market to the supermarket.”

In other words, a dollar crisis is on the horizon.

And there is an even bigger problem — the political time bomb that is ticking. Watch the whole speech to find out what’s in store if it explodes.

Download SchiffGold's Gold vs GLD EFT's Guide Today

Get Peter Schiff’s key gold headlines in your inbox every 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: Gold is the Canary in the Economic Coal Mine

This weekend, Todd Sachs interviewed Peter on the state of the economy. They discuss the parallels between now and the 2007-2008 housing crisis, the role of economic sentiment in voters’ opinions, and why foreign central banks are losing faith in the dollar.

READ MORE →

Gold Hits New All-Time Record High

Gold hit a new all-time nominal high, surpassing the previous record set in December of the previous year. The precious metal’s price reached approximately $2,140, indicating a robust and continuing interest in gold as a safe-haven asset, despite a rather peculiar lack of fanfare from the media and retail investors. This latest peak in gold […]

READ MORE →

New Peter Schiff Video: Inflation Rises, Bitcoin ETFs, and the Final Gold Shakeout

Peter released a brief video addressing the looming resurgence of inflation. Ironically, on the back of disappointing inflation numbers, gold witnessed a dip below $2000 on Tuesday due to higher-than-expected CPI data.

READ MORE →

Peter Schiff: A Buying Opportunity as Gold Pulls Back from Record High (Video)

Gold surged to a new record high of $2135 early Sunday morning before pulling back sharply Monday. In this video, Peter Schiff explains why this is a buying opportunity. After setting the record, gold quickly sold off and consolidated, dropping over $100 back to around $2,020. Some people see the quick selloff as a bearish […]

READ MORE →

Marc Faber: Inflation Is Here to Stay

During a recent interview at the 2023 Precious Metals Summit Zurich event, Doom, Boom & Gloom Report publisher Marc Faber says now is the time to buy gold, silver and platinum because inflation is here to stay.

READ MORE →

Comments are closed.

Call Now