Peter Schiff, President and Chief Global Strategist of Euro Pacific Capital, recently discussed the growing chatter about a U.S. economic recovery in a March 18, 2012, entry on The Schiff Report YouTube video blog. In “Don’t believe the hype — the U.S. economy is not recovering, it’s getting sicker,” Schiff told viewers:
Well, the truth is, if the economy really were recovering along the lines that the Fed suggests, they wouldn’t have extended their commitment to keep interest rates at 0 through late 2014. If the economy were improving, why would the Fed have to keep it on life support? Again, the Fed knows the economy is not improving, it knows it’s a phony recovery that’s contingent on low interest rates, and that’s why it is keeping them there. But it’s not going to be able to keep them there.
He added later on in the video segment:
The data points that we’ve been getting do not point to an improving U.S. economy. We are not resolving any of the imbalances that underlie our economy. The structural imbalances that led to the housing bubble, that led to the financial crisis, are being exacerbated, not alleviated. Everything the Fed has done, everything the government has done, is making our economy worse, not better. And the data points show that. Again, sure, temporarily, when you’re inflating a bubble, you can create some phony jobs, you can create some excess consumer spending, and government spending. You can create the appearance of prosperity. But all you have to do is look beneath the surface, and you can see that the real economy is not prosperous, it is in decay, it is deteriorating, and we are setting ourselves up for the next big crisis. And that’s the crisis that the Fed is not even concerned about, is not even worried about, nobody is talking about it, but we’re talking about it here.
“Don’t believe the hype — the U.S economy is not recovering, it’s getting sicker.”
The host of The Peter Schiff Show also talked about inflation:
But even the government’s numbers- the headline number- was up 4/10 of 1 percent, which would annualize out to an annual rate of 5 percent, over 5 percent inflation. I think the true rate of inflation is more double that 5 percent level. Closer to 10 percent.
And Schiff, who’s also the CEO of Euro Pacific Precious Metals, also shared his views on different assets. From the video:
But the market that is on the verge of collapse is the bond market and the dollar. And in order to prevent that from happening, the Fed is going to print a lot of money, and that will put a floor beneath asset prices. But it will basically put a rocket ship [chuckling] beneath gold prices, and it will sink the dollar.
(Editor’s notes: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein; info added to “Crash Prophets” page)
No comments yet.
Leave a comment
Christopher E. Hill, Editor
12,096 Visits in July
466,424 Visits from
Please Rate this Blog HERE
- General McInerney’s September 7 Mystery Book Revealed?
- Retired General And FOX News Analyst: ‘We May Even See On 9/11/14 MH370 Resurface Again’
- Former CIA Director: Islamic State Attack On U.S. ‘Will Come Probably Sooner Rather Than Later’
- Thoughts On Concealed-Carry Permits And Their Relation To ‘Falling’ Chicago Crime
- Reminder To Californians
- Quote For The Week
- Posting Resumes Next Week
- 2015 Old Farmer’s Almanac Predicts ‘Super-Cold’ Winter For Eastern Two-Thirds Of U.S.
- Signs Of The Time, Part 76
- Riot-Inspired Purchases During The Ferguson And 2011 England Unrest
- Editor on General McInerney’s September 7 Mystery Book Revealed?
- Jason on General McInerney’s September 7 Mystery Book Revealed?
- Editor on Islamic State Flag ‘Displayed’ Outside White House
- Nick Aragua on Islamic State Flag ‘Displayed’ Outside White House
- Editor on 82 Shot, 14 Killed In Chicago Over Long July 4 Weekend
- Derek @ MoneyAhoy.com on 82 Shot, 14 Killed In Chicago Over Long July 4 Weekend
- Editor on Dick Cheney Warns Of Massive Terrorist Attack On U.S. Before Decade Is Out
- tj & the bear on Dick Cheney Warns Of Massive Terrorist Attack On U.S. Before Decade Is Out
- Editor on U.S. Senator Michelle Obama (D-IL)?
- Bill Taylor on U.S. Senator Michelle Obama (D-IL)?