Peter Schiff On Today’s Sell Off: The Fed Is “Lying”, Rates Are Going Back To 0%, Gold Is Going To $2,000
On a day where it looks as though the Fed’s
bullshit “magic potion” may finally be wearing off on the stock market, Peter Schiff joined Chris Irons on the Quoth the Raven Podcast to speak about today’s market move: what it means, whether it can continue and how he would position himself going forward.
Schiff began by talking about the trade war between China and the United States escalating. He talked about why he believes the US dollar was weakening on Monday and why he believes the dollar will continue to weaken for the foreseeable future.
“We’ve been in a recession,” Schiff says.
“The election of Trump just delayed the inevitable for a little,” he continued.
“My thinking is the market was going down regardless of the cut they got,” he said, talking about last week’s rate cut.
“You can’t say the dollar is strong when it’s lost $30 against gold in one trading day. Gold tells you we have a weak dollar.“
He continued, talking about Jerome Powell’s press conference last week:
“Powell contradicted himself several times, which is something that you do when you’re lying. The Fed is not telling the truth.”
Schiff predicts that interest rates are going back to 0% and that the Fed will start QE yet again.
“Powell’s trying to pretend it’s because of concerns about the overseas economy. It is really the US economy that is driving the Fed. That’s why this is just the first step on the road back to zero. And you know, it was a mistake when the Fed went back to zero the last time; it’s going to be an even bigger mistake when they do it next time. And they’re also going to go back to quantitative easing.
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