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Peter Schiff: This Isn’t Going to Be Your Garden-Variety Recession (Video)

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The mainstream is starting to get a little bit nervous. As we reported yesterday, a CNBC interview with DoubleLine Capital founder Jeffrey Gundlach got the mainstream talking about the possibility of a bear market. There is also increasing concern about a looming recession. In a recent New York Times survey, almost half of the 134 CEOs polled said they thought the country could be in a recession by the end of the year.

Peter Schiff has been warning about a recession for months. In October, he said the recession that’s coming is going to be brutal. On Monday, Peter appeared on Fox Business with Lisa Kennedy to talk about the coming crisis and its political ramifications.

Peter started off the interview emphasizing that we are in the early stages of a bear market, even though a lot of people don’t realize it yet. But there is an even bigger problem on the horizon.

I think this bear market is going to be particularly vicious, but the more important thing is the recession that’s coming. And this is not just going to be a garden-variety, run-of-the-mill recession. We are going to finish the recession we started in 2007, and that was interrupted for 10 years with quantitative easing and short percent interest rates. But the back half of this recession is going to be much worse than the front half.”

Peter said Pres. Trump inherited a bubble passed down from Obama that was ultimately created by Federal Reserve monetary policy.

Unfortunately, the bubble is going to pop on Trump’s first term, which means he’s not going to have a second term. We’re still going to be in this recession on election day 2020. And the problem is not that the Fed is raising rates. The problem was that they slashed them to zero in the first place.”

Peter said it didn’t really matter when the Fed raised rates or how fast. The crash was inevitable from the get-go.

They sealed our fate the minute that they checked us into this monetary roach motel. I said from the beginning it was impossible to check out, and the Fed is about to find that out the hard way.”

Kennedy brought up the ultimate solution: end the Fed!

It would be nice to eventually end it, but it’s not going to happen any time soon. I do think we’re going to go through a horrific period of stagflation. This recession is going to be accompanied by very high inflation. “

Unfortunately for the country, the consequences will be political as well as economic.

The Democrats are going to nominate a socialist and that socialist is going to be elected president in 2020, and he or she will have a socialist Congress in 2021. And all of the blame for this collapse is going to be laid at the feet of Trump, Republicans, and what Trump and Republicans supposedly stand for, which is lower taxes, fewer regulations, freer markets. So, unfortunately, now that Trump has rebranded this bubble as his and the Republicans have claimed it for their own, unfortunately, they get all the blame. And this is the big danger. Because we are going to go hard left in 2021.”

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