· Fed raises benchmark interest rates higher than it has in 20 years.
· Lyft stock hits 52 week low.
· Jerome Powell admires Paul Volcker, but not for his policies.
· New York Times argues for less courage and more cowardice.
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Peter Schiff speaking about the imminent economic crash looming just around the corner. Recorded at Cambridge House VRIC on January 22nd 2018. If this talk seems a bit commercial, that's because it was an investment workshop.
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https://www.youtube.com/watch?v=N21SoGw80c8
Chinese imports have kept a lid on goods prices, but not services.
Dollar will decline when foreign investors no longer want US stocks.
We now have more inflation and less ability to deal with it than in the 1970s.
US may soon trade used American cars for used Chinese bikes.
The US Dollar is still backed by more than Bitcoin is.
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The Peter Schiff Show Podcast - Episode 30
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The Peter Schiff Show Podcast - Episode 196
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https://www.youtube.com/watch?v=qU-M7LyQYsY
The Peter Schiff Show Podcast - Episode 510
Recorded October 30, 2019
The Fed Slashes Interest Rates for 3rd Time -
As expected, the Federal Reserve cut interest rates today. This is the third rate cut of this cycle. We're now down to 1.5%. But of course, what everybody has to remember is a year ago, when the Fed was hiking interest rates, the forecast from the Fed was that they were going to continue to hike rates. They were supposed to have another 3 or 4 rate hikes in 2019. And, of course, a year ago, as the Fed was hiking rates, they were still shrinking their balance sheet and they were going to continue to shrink it. They were talking about auto-pilot. They were going to continue to do $50 billion/month of quantitative tightening. And they said this with a straight face. And everybody believed them.
Not a Surprise to Me -
Of course, everybody except me and maybe a few other people out there in the financial media. But I was telling anybody who would listen - which was not that many people in the mainstream, but certainly the people who listen to my podcasts, that none of this was going to happen. I said that the Fed was going to have to stop hiking rates, and that they would be cutting rates in 2019, and that not only were they going to stop quantitative tightening, that they were going to have to go back to quantitative easing. And that's exactly where we are.
A Distinction without a Difference -
Although, Jerome Powell went out of his way - I think the first thing that he said when he made his prepared remarks - was to reassure everybody that what the Fed was doing now, with its repo program was not quantitative easing. He drew a distinction between what the Fed was doing when it was doing QE and what it is doing now when it is not doing QE. The main distinction had to do with the maturities of the debt that the Fed was buying. He said that when they were doing QE, they were buying longer term government bonds, but that now, they're buying shorter term government bonds and so therefore it's not QE. But this is really a distinction without a difference.
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The Peter Schiff Show Podcast - Episode 45
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