Peter Schiff: The Fed Is Not Done Cutting Until It Gets to Zero
Peter Schiff recently appeared on Kitco news with Daniela Cambone to talk politics, the economy and the Fed. He said that no matter what Jerome Powell is saying, the Fed central bank isn’t finished with rate cuts.
Lisa started out the interview asking Peter what he thought about the impeachment hearings and Trump’s prospects for reelection. Peter said it certainly looks like the House will impeach Trump. He doesn’t think it’s likely the Senate will remove him from office, but he also doesn’t think the president will be reelected in 2020 unless the economy can hold together.
I thought it was far more likely that he was elected originally, but I don’t think his prospects are as great now as they were then, although the conventional wisdom is the opposite. Most people thought he had no chance of winning last time and they think he can’t lose this time because they think we have this great economy, but we don’t. We just have another stock market bubble.”
Lisa pointed out that unemployment is supposedly at 50-year lows.
Well, sure. The unemployment rate was very low when Obama left office. I mean, the unemployment rate, at least the official rate, was declining for almost the entirety of the Obama presidency, and when Donald Trump ran against low unemployment, he said that the numbers were fake. That they were phony. That it was a fraud. That it was a hoax, and if you look at the real unemployment rate, where you look at all the people that were working part-time that wanted to work full-time, all the discouraged workers who had dropped out of the workforce, that the real unemployment rate was much higher. And that’s still the case today.
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