The Peter Schiff Show Podcast29 Loka 2015

Fed Continues To Extend And Pretend On Rate Hikes – Ep.115

* I am recording this podcast from New Orleans, where I am attending the Investment Conference
* Today, I am going to talk predominantly is the FOMC statement that came out yesterday following the conclusion of their 2-day October meeting
* It was largely expected that the Fed would not raise interest rates in October and that's exactly what happened
* I predicted this a long time ago
* What is amazing is that, as a result of this announcement, more people expect the Fed to raise rates in December
* Going into this announcement, the dollar was on the defensive, silver was up about .50, gold was up $15.00
* It sure looked like people were expecting a more dovish tone from the Fed
* After all, a lot of bad economic news has come out since the September meeting
* When the Fed statement was released, there was no such change in language
* This now leads people to believe that the statement was hawkish
* They still don't understand the game: Nothing has changed.
* the Fed has to pretend that a rate hike is right around the corner in order to pretend that the recovery is real
* They can't admit that the economy is weak because they want to take credit for saving the economy
* They have to keep pretending, and they have to keep making up excuses
* Steve Leesman was asking why we need emergency rates when the emergency is over
* The emergency is not over, as far as the Fed is concerned because there is no real recovery
* If we had a legitimate recovery, of course the Fed could raise rates
* Thus the game: they continue to talk as if they might raise rates, and the markets buy it
* As soon as their statement came out, gold tanked, it ended up down about $10, silver gave up most of its gains, and the dollar was broadly higher
* If you actually read the statement, there is nothing hawkish about it
* It is basically the same as the September
* The only thing that stands out is an absence of concern
* The FOMC is not worried about all the bad news
* "In determining whether it will be appropriate to raise the target range at its next meeting, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. "
* None of that is going to happen. The labor market is deteriorated - the labor force participation rate is still shrinking
* These are metrics Janet Yellen needs to see improve
* The Fed knows that these minutes will be misinterpreted
* They want to preserve the illusion that a rate hike is possible so they can preserve the illusion that this is a legitimate recovery and not a gigantic bubble
* But, what's going to happen when the Fed doesn't raise rates and ends up launching QE4 the Fed is going to have zero credibility
* The U.S. economy is in worse shape now than it was leading into the 2008 financial crisis
* Now everybody is talking about how important the jobs number will be - the Fed has not raised rates in 7 years. How can one jobs report make the difference?
* Meanwhile we've had months of stronger jobs numbers and the Fed did not raise rates
* I think the truth is the Fed has decided not to raise rates
* But they still need to maintain the perception that they might raise rates and that'... Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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Switzerland Loses Currency War Swiss Win – Ep. 44

* The Swiss people have given up the inflation ghost to win the currency war * Media reports negative on the news: "silly decision" * Oil down against the Swiss Franc * Swiss stocks up in U.S. dollars * Wall Street expects Eurozone QE, but without Swiss, QE might be less likely * Gold up against other currencies * Franc surging in value against the dollar * This move may signal economic reform * Unfortunately Janet Yellen is not going to get this memo * Volatility from Swiss move is nothing compared to consequences of a U.S. QE 4 * This move is bearish for the U.S. market * Buckle up, it's going to be a bumpy ride Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

15 Tammi 201517min

Denial Runs Deep From Wall Street To Bitcoin – Ep 43

* Dow down 600 points in between Tuesday high and Wednesday low * Stock market and real estate are pillars of the phony recovery * Loose government lending standards encouraging mortgage defaults * Dollar down and gold up on low retail sales numbers * Fed not likely to sit out a U.S. recession, trading support for Wall Street over the dollar * The next QE could be bearish for bonds and the dollar * Demise of the recovery illusion will also hurt stocks * Bitcoins down on more bad news * Price does matter as investors seek value * Irredeemable digital currencies will never be money Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

15 Tammi 201533min

Jobs Up But Earnings and Participation Down – Ep. 42

* December jobs report up; unemployment down * Average hourly earnings dropped * Labor force participation hits new low, except for older Americans * Fewer young workers supporting the Social Security system * Most credit comprised of student loans and auto loans * Auto delinquencies highest since 2008, indicating a bubble * Obama's plan to make community college free will further inflate costs * Charles Evans calls for more inflation before raising interest rates * Denies relationship between cheap money and bubbles * The term "patience" indicates no timeframe for higher rates * Gold stocks very strong and gold prices continue to rise in face of rising dollar Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

11 Tammi 201521min

Gold Breaks Out, Stocks Break Down – Ep. 41

* World markets left the gates weak on first full trading week of the year * Catalysts: Declining oil prices and Greece's potential Eurozone exit * The Euro has gone sideways against the dollar for 9 years * The U.S. stock market will decline until the market believes rate hikes are off the table * U.S. will not experience accelerating growth in 2015 * Evidence shows the home market is not strengthening * Young entrepreneurship at a 20-year low * Falling oil prices are a symptom economy is not expanding Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

6 Tammi 201522min

As The New Year Begins, Will The Recovery End? – Ep. 40

* Falling unemployment trends seem to be over * PMI "unexpectedly" drops to 53.9% * Construction spending "unexpectedly" fell .3% * December ISM fell to 55.5 * Draghi's comments at ECB sparked U.S. Dollar rally despite weak data * Eurozone QE not likely * 2014 was a flat year for gold, despite bad press * Dollar price based on higher interest rate expectations * Price of gold has tripled since 2005 * Gold mining costs rise with inflation * The real bubble is the confidence in central bankers Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

4 Tammi 201535min

Christmas Snow Job on Wall Street – Ep. 39

Christmas Snow job on Wall Street * Dow ended Christmas Eve Day above 18,000 for second day * Catalyst was bigger than expected revision to Q3 GDP to 5% * Big disconnect between economic performance and expectations * Consumer spending up mostly on healthcare * Inventory increases in expectation of future sales * Data for Q4 is lower * Home sales continue to drop Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

25 Joulu 201426min

SNB Takes Snap From The Fed And Markets Run With The Ball – Ep. 38

SNB Takes Snap From The Fed And Markets Run With The Ball * Negative deposit rates in Switzerland send U.S. stocks up 420 points. * Two-day Wall Street rally over 700 points on nothing but Central Bank inflation * Swiss move triggers QE speculation and higher gold prices * Janet Yellen merely suggested the economy is strong enough to raise rates in the future * Meanwhile, economy is slowest since last February Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

19 Joulu 201422min

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her – Ep. 37

Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her - Ep. 37 * FOMC wrapped up meeting with Yellen press conference * Most people expected "considerable time" to be dropped * Bloomberg believes "considerable" dropped in favor of "patience" * The Fed didn't change anything * The Fed didn't actually say anything * Markets up on Yellen's optimistic non-news * Why wait to raise interest rates? * The longer the Fed waits to raise rates, the more painful it will be for the economy * What is the Fed's strategy if economy slows down? Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

18 Joulu 201425min

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