{"id":49360,"date":"2019-11-01T15:44:44","date_gmt":"2019-11-01T20:44:44","guid":{"rendered":"https:\/\/olduvai.ca\/?p=49360"},"modified":"2019-11-01T15:44:49","modified_gmt":"2019-11-01T20:44:49","slug":"peter-schiff-when-is-the-market-going-to-wake-up-to-this-con","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=49360","title":{"rendered":"Peter Schiff: When Is the Market Going to Wake Up to this Con?"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/schiffgold.com\/peters-podcast\/peter-schiff-when-is-the-market-going-to-wake-up-to-this-con\/\">Peter Schiff: When Is the Market Going to Wake Up to this Con?<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/1mo0o3e03f7c59k045fwasgb-wpengine.netdna-ssl.com\/wp-content\/uploads\/2019\/10\/powell.png\"><img decoding=\"async\" src=\"https:\/\/1mo0o3e03f7c59k045fwasgb-wpengine.netdna-ssl.com\/wp-content\/uploads\/2019\/10\/powell.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>As expected, the Federal Reserve cut interest rates another 25 basis points on Wednesday.<\/p>\n\n\n\n<p>The mainstream read the post FOMC meeting comments to be relatively hawkish, saying Powell and Company seemed to indicate that future rate cutting is on pause.<\/p>\n\n\n\n<p>Peter Schiff opened up his podcast reminding us that just one year ago, the Fed was raising rates and telling us it would continue to do so through 2019. It also claimed that quantitative tightening was on \u201cautopilot.\u201d<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>And they said this with a straight face. And everybody believed them.\u201d<\/p><\/blockquote>\n\n\n\n<figure><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/DvuIs3uC8rc\" width=\"560\" height=\"315\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/figure>\n\n\n\n<p>At the time, Peter was saying it wasn\u2019t going to happen. He said the central bank would start cutting rates and relaunch QE. And here we are.<\/p>\n\n\n\n<p>The central bank removed the phrase saying it was committed to \u201cact as appropriate to sustain the expansion\u201d from its forward guidance. This was widely viewed as a more hawkish stance. The Fed replaced that language, instead saying, \u201cThe Committee will continue to monitor the implications of incoming information for the economic outlook as it assesses the appropriate path of the target range for the federal funds rate.\u201d Powell was more emphatic during his press conference, saying bank officials \u201csee the current stance of monetary policy as likely to remain appropriate.\u201d<\/p>\n\n\n\n<p>Of course, Powell again claimed that the Fed is not engaged in quantitative easing despite the&nbsp;<a href=\"https:\/\/schiffgold.com\/key-gold-news\/fed-runs-repo-operations-is-it-baby-stepping-toward-qe\/\">repo operations<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/schiffgold.com\/key-gold-news\/fed-set-to-launch-massive-bond-buying-program-in-other-words-qe\/\">bond-buying program<\/a>. He tried to draw a distinction between QE and today\u2019s operations by pointing out that the central bank is buying short-term bonds today while it bought longer-term debt during QE.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>This is really a distinction without a difference. I mean, who cares what the maturity of the bonds are?\u201d<\/p><\/blockquote>\n\n\n\n<p>&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff: When Is the Market Going to Wake Up to this Con? As expected, the Federal Reserve cut interest rates another 25 basis points on Wednesday. The mainstream read the post FOMC meeting comments to be relatively hawkish, saying Powell and Company seemed to indicate that future rate cutting is on pause. Peter Schiff [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[303,534,963,18779,3650],"class_list":["post-49360","post","type-post","status-publish","format-standard","hentry","category-economics","tag-fed","tag-monetary-policy","tag-peter-schiff","tag-schiffgold","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49360"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49360\/revisions"}],"predecessor-version":[{"id":49361,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/49360\/revisions\/49361"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}