During his keynote speech at the Vancouver Resource Investment Conference, Peter Schiff said we are at the beginning of the end.
The Fed appears to have paused interest rate hikes in order to save the stock market. The markets have reacted positively and a lot of analysts seem to think we’re out of the wood. But Peter traces the moves of the Federal Reserve all the way back to the first rate hike of December 2015 and shows how the central bank has put us on a path toward a financial crisis that will be bigger than 2008. Peter insists he’s been right about what would happen all along, it’s just taken us a little longer to get here than he expected.
HIGHLIGHTS FROM THE SPEECH
“I have been forecasting that the Federal Reserve would not be able to complete its rate normalization process since before they raised rates for the first time.”
“I still believe if Hillary Clinton won that election, which was widely expected, I think it would have been one-and-done. I don’t think the second rate hike would have taken place had Hillary Clinton won.”
“I think that had Hillary Clinton won, the stock market would have tanked. The conventional wisdom before the election was that if Trump won it was going to be a disaster for the stock market, but if Hillary Clinton won, the market was going to like it. Well, Trump won and the market went way up, the opposite of what was expected. I believe that had Hillary Clinton won, the market would have gone down. Also the opposite of what had been expected. And I believe the US would have entered recession much sooner.”
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