Yellen’s Feet Were Always Cold – Ep. 152
The Peter Schiff Show Podcast17 Mars 2016

Yellen’s Feet Were Always Cold – Ep. 152


* Happy St. Patrick's Day everybody and to those of you who have been waiting since yesterday for this podcast, you won't be disappointed
* Yesterday I did an interview with Liz Claman at Fox Business News and I did respond to the Fed's decision. That video is up on my YouTube Channel.
* The Fed did not raise interest rates, which didn't surprise a lot of people, but what did surprise a lot of people was the the Fed indicated, based on their Dot Plot, the consensus is that the Fed now sees two rate hikes coming in 2016
* If you recall, at the end of last year and earlier this year, the Fed was still projecting 4 rate hikes in 2016
* What I said from the very beginning is, "No chance."
* In fact I still thought it was more likely that we'd get a rate cut
* Now it's two down and two to go, because now the Fed is only pretending that they will raise rates twice this year instead of pretending that they're going to raise rates 4 times
* What's really interesting now is how the Fed is starting to lose credibility that it never should have had
* Steve Liesman asked Janet Yellen a good question: He said, what about your credibility - you said you would raise rates 4 times and now it's 2 times, and you said you were data dependent and unemployment is below 5%, creating 200,000+ jobs per year and the core CPI is up 2.3%
* He said, if you're not raising rates now, under what circumstances will you raise rates?
* Janet Yellen didn't really answer the question, but I thought she was thinking, "Don't you understand, we never intended to raise rates."
* I pointed this out from the beginning: The Federal Reserve never said that they would raise rates 4 times. They said, based on our economic forecasts, this is what we think is going to happen - BUT if we're wrong, it's not going to happen
* Janet Yellen said to Steve Liesman, "Look, these dots don't mean anything - this is what we're thinking at a moment in time, but it's not a promise."
* For some reason, everybody assumes that if the Fed thinks the economy is going to get better it will get better, in fact, if anything, since the Fed's track record is so horrific, if the Fed thinks the economy is going to get better, it's probably going to get worse, and so they are not going to raise interest rates the way they're pretending
* One of the reasons the Fed is pretending that the economy is good is because that's the official line of the Obama Administration: "The economy is good, and if you say it's not good, you're peddling fiction."
* Yellen probably wanted to say to Liesman,"Steve, we're not raising rates because the economy is lousy."
* The fact that they don't raise rates is the proof that they know that the economy is lousy, but they don't want to say it, so Janet Yellen is saying "Read between the lines"
* When I'm listening to all the coverage about the fact that the Fed didn't raise rates, the reports say,"Janet Yellen chickens out", "Janet Yellen gets cold feet"
* That's not the point. Her feet were always cold. The Fed never intended to raise rates.
* If they were planning to do it they would have done it
* This is all part of the extend and pretend charade
* In fact, in my Fox Business News interview with Liz Claman, I was debating Andy Brenner who holds that the Fed will raise rates 2 or 3 times this year
* I said, "If the Fed was going to raise rates, they should have raised them yesterday."
* Brenner responded that the market wasn't prepared for it
* I said the Fed is not supposed to be market dependent, it is supposed to be data dependent
* The market may never be prepared to raise rates - look at what happened the last time, the market got off to the worse start in the history of the market
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Avsnitt(1086)

Despite Slowing Economy, Job Growth Speeds Up – Ep. 51

Despite Slowing Economy, Job Growth Speeds Up – Ep. 51

* Monthly non-farm employment number beat expectations * Upward revisions to prior months * Average hourly earnings number jumped by .5 * Immediate reaction in the market was swift * Dollar up; gold down * Unemployment up * Labor force participation down among younger workers * Jobs number inconsistent with other weak economic data * Layoffs are up * Government is way off on "jobs lost" data * Yesterday's trade deficit was the largest increase recorded * If our economy were strong, our workers would be producing and we would not rely on imports * Trade deficit is subtracted from the GDP * Productivity numbers weaker than expected * How many times can the dollar rally on the same news? 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

7 Feb 201519min

Are Forex Markets Finally Acknowledging the Slowing U.S. Economy?

Are Forex Markets Finally Acknowledging the Slowing U.S. Economy?

* Volatile day in the markets * Largest decline in Personal Spending since September 2009 * Wages and Salaries gain slowest in 7 months * December ISM Manufacturing Index down to 53.5 * December Employment growth at 7-month low * 2.6% GDP number will likely be revised downward * U.S. Factory Orders declined 3.6% in December * Oil prices triggering momentum against the dollar * The FOREX markets are beginning to acknowledge U.S. economic weakness * QE4 will accompany a budget-busting economic stimulus * S&P was the only agency penalized by the government for rating sub-prime mortgage AAA * S&P is actually being penalized for downgrading U.S. government debt 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 Feb 201530min

A Dove in Hawk’s Clothing – Ep. 49

A Dove in Hawk’s Clothing – Ep. 49

* Fed's official statement released yesterday * Received by the market as hawkish, Fed is still reiterates "patience" * The statement noted unguarded optimism about the U.S. Economy * Fed ignored unstable markets, Europe, oil prices and strength of the dollar * Response: the market sold off and the dollar rallied * Gold declined on Fed's expectations * The Fed's underlying goal may be to talk the dollar up and talk the markets down * Strong dollar buys time * Continued "patience" indicates Fed's true agenda 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

29 Jan 201517min

Weak Earnings and Bad Economic Data Pummel Stocks – Ep. 48

Weak Earnings and Bad Economic Data Pummel Stocks – Ep. 48

* Wall Street spared blizzard only to be buried in bad earnings and bad economic news * December durable goods down 3.4%; expected to come in at +.7 * Consumer confidence up to 102.9; contrarian indicator * Last time consumers were this confident was in the middle of 2007 * Number will collapse when reality has a violent confrontation with perception * P&G earnings down 31% * Caterpillar warned * Microsoft stock down 10% today * UPS announced they overestimated holiday sales * Businesses geared up for a recovery in late 2013 that was not going to happen * Layoffs coming in 2015 * This may give the Fed an excuse to delay rate increase * How can a strong dollar be good for America but a weak euro be good for Europe? 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

28 Jan 201535min

Obama Misstate of the Union – Ep. 47

Obama Misstate of the Union – Ep. 47

* The President is taking credit for an economic recovery that is a bubble created by the Fed * Obama voters' salaries are much lower now than when he was elected * We have fewer full-time jobs during Obama presidency * Obama is offering freebies to the middle class, promising to tax the "wealthy" * Getting money that you didn't earn is "fair" * Higher taxes on earned money is "fair" * Capitalism built the middle class * The Government has destroyed the middle class * Obama actually claimed that he "reduced" the national debt 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

23 Jan 201510min

Central Banks Wage War Against Low Prices – Ep. 46

Central Banks Wage War Against Low Prices – Ep. 46

* Big action from the Central Banks this week * Bank of Canada lowered rates from 1% to .75% * The ECB announced the launch of first QE program * The Euro plunged against gold * Central Banks' goal is to raise the level of inflation to guard against falling prices * Falling prices accelerate economic activity * Regulations and taxes slow down economies * QE in Europe lets the politicians escape the consequences of regulations and taxes * QE will send European money abroad * Inflation is an obstacle to economic growth 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

23 Jan 201523min

Gold Rally Continues, Yuan/Dollar Peg Explained – Ep. 45

Gold Rally Continues, Yuan/Dollar Peg Explained – Ep. 45

* Biggest 7-day surge in Gold prices since 2011 * U.S. GDP will be lower than in Canada this year * Canadian gold production will rise in 2015 * Gold is rising against most currencies except the Swiss Franc * The IMF still believes the U.S. economy is recovering * Outlook for gold in Australia is also positive * The Yuan will probably be the next peg to go, allowing it to rise against the dollar * The American workforce is being rewarded for incurring large debt to engage in unproductive careers 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

21 Jan 201522min

Will China Pull a “Switzerland” on the U.S. Dollar?

Will China Pull a “Switzerland” on the U.S. Dollar?

* Thursday, January 15, will be remembered as the day Switzerland abandoned its peg to the Euro * The Swiss defended their policy to peg to the Euro, but suddenly reversed, limiting their losses * They admitted they were wrong * Although the Swiss stock market went down in their currency, it was up in every other currency * Gold is up against everything except the Swiss franc * The news in the Swiss market will be a tremor compared to the earthquake if the Chinese abandon their peg both to the Hong Kong Dollar and the Yuan * America will win the currency war to the detriment of the American people 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

17 Jan 201524min

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