Category Archives: Interviews

Bear vs Bull: Can the US Survive without Cheap Money? (Video)

Peter Schiff appeared on Fox Business yesterday to debate James Cordier about the state of the United States economy. While their conversation was friendly, Peter posed some tough questions that never got answered.

“Every time [the Fed] launched QE, they always followed it up with another one. They’ve never claimed that they were going to do it. Everyone thought, ‘Well, they’re going to do QE and then the economy will recover and they’ll be able to raise rates.’ They’ve never followed QE with a rate hike. They’ve always followed it with a bigger dose, because it doesn’t work…”

Then Peter asked:

“If you’re so bearish on the global economy, and you believe the Fed is going to tighten and ultimately shrink its balance sheet, which is something the Fed has never done really in its history. The balance sheet always expands. So we’re about to have a tight monetary policy and we’re going to have a weak global economy – how is the US economy, in isolation, going to withstand this?”

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The Fed Can’t Raise Rates No Matter What Yellen Says (Video)

The precious metals have been having a hard time recently, especially following Janet Yellen’s press conference last week. While Yellen was extremely vague about when the Federal Reserve would raise interest rates, the financial media latched on to her theoretical discussion of how rates would be raised when the time came. This turned out to be the only part of Yellen’s statement the markets seemed to care about. Even unbiased, legitimate new agencies like Reuters reported that “…the Federal Reserve indicated in its policy statement it could raise borrowing costs faster than expected when it starts moving.” This is the explanation for gold and silver’s latest downturn. Talk about not seeing the forest for the trees.

In his latest Schiff Report video, Peter Schiff dissects Yellen’s press conference and the Fed’s statement to explain why the Fed will never raise interest rates. In fact, Peter thinks the United States is overdue for another cyclical recession. Physical gold and silver investors should be focusing on this big picture view instead of the deliberately confusing hypotheticals presented by Yellen and the financial media. The economy is getting worse, and this latest news is just another opportunity to stock up on more gold at discounted prices before the markets wake up to the reality of the Fed’s predicament. Here are some excerpts from the video, which you can watch below.

“What the Fed really means by ‘considerable period’ is indefinitely, or forever. Because I don’t think the Fed can raise interest rates. In fact, I don’t even think they could end QE without precipitating a recession, and I think they’ve already set those balls in motion. I think the economy is careening towards recession right now, the Fed just hasn’t figured that out yet. But the Fed certainly doesn’t want to help push it over the edge by raising rates. So it has to stall with this ‘considerable period.’ … If Janet Yellen claims that she has no idea what that means, why even insert the words? Why even include it in your official communique? … I think the reason it’s there is because they want to talk about raising rates, but not actually do it…

Interest rates have to stay at zero. They can never go up, and the only thing the Fed does is adjust the amount of QE… We’re now so broke, we have so much debt, that we cannot possibly afford interest rates above zero… But all this talk now about how soon the Fed is going to raise rates and when is the Fed going to raise rates belies the point that they can’t! Because not only can we not afford higher rates, I don’t even think the economy can sustain itself without the QE… Currency traders [and] metals traders [believe] that yes, the Fed is closer to a rate hike, just because they’re talking about it…”

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The Fed Is Destroying the Economy and Nobody Cares (Video)

Peter Schiff was interviewed by Paul Vigna on Wall Street Journal Video yesterday. Peter explained to Vigna the terrible effects that the Federal Reserve’s zero interest-rate policy is having on the United States economy. They spoke about how tepid the American job market is right now, and why Peter thinks a new round of quantitative easing is right around the corner. If you’d like to read Peter’s latest written commentary about why central banks are wrong to think that inflation is the cure for our economic woes, you can find it here.

“The next thing the Fed is going to do is launch an even bigger round of QE than the one they’re tapering off from. Because the US economy is not recovering. We are slipping back into recession. If the Fed doesn’t know that yet, it will by the end of the year… Tightening is all talk… [The Fed will eventually start] a new round of QE that will make the Europeans and Japanese blush.”

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Gold Videocast: Jim Rickards & Peter Schiff on Gold & Currency Wars (Video)

In his latest Gold Videocast, Peter Schiff meets with Jim Rickards, author of The Death of Money, for an exclusive interview about gold’s role in the international currency wars.

Jim Rickards is Chief Global Strategist at the West Shore Funds, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. In The Death of Money, Rickards shows why another monetary system collapse is rapidly approaching – and why this time, nothing less than the institution of money itself is at risk. Fortunately, it’s not too late to prepare for the coming death of money. Rickards explains the power of converting unreliable money into real wealth, such as gold and other long-term stores of value.

0:28 – A review of the most recent developments in the international currency war and why the US is unfortunately going to “win.”

1:43 – Countries with the biggest dollar reserves are building up gold reserves in preparation for a currency crisis.

2:15 – China’s officially reported gold holdings are probably false. Rickards leads Peter through his reasoning that China’s gold holdings are likely 4-5 times greater than official reports!

4:00 – If China told the truth about how much gold they really have, the dollar would collapse and gold would skyrocket. They don’t want this to happen before they’ve bought as much gold as they feel they need.

5:11 – Why has Germany seemingly changed its mind about repatriating its gold?

6:49 – Basically, the Fed has “leased” the same gold over and over again.

7:12 – Rickards explains why gold dropped in 2013 and why it was a one-time event.

8:10 – At some point, US Treasuries can no longer be the safe haven for investors.

8:30 – Rickards addresses the problems surrounding the London Gold Fix and how the gold market is moving to the East. Shanghai is rewriting the rules of the gold market.

10:01 – Rickards explains how the next liquidity crisis will play out, with the collapse of central banks, as well as sovereign nations.

11:17 – When you have a currency crisis, it’s the paper wealth that evaporates. Rickards explains how Warren Buffet is preparing for exactly this endgame – by dumping paper money and buying hard assets.

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The Fed Is Damned If It Does, Damned If It Doesn’t (Video)

Peter Schiff interviews Chris Rossini, contributor to the Ron Paul Institute for Peace and Prosperity, about his book Set Money Free. They talk about the Federal Reserve’s role in centrally planning the economy and how it funds the biggest welfare-warfare state in history. Peter says that price inflation is much higher than the official estimates. However, the Fed has put itself into a position where it will be impossible to do anything about it, even when it becomes undeniable to those in power.

“The only way they can save [the dollar] is to bankrupt the federal government. But somehow I have a hard time believing that the treasury defaulting on its debts is going to be a bullish situation for the world’s reserve currency. So, I think they’re damned if they do, damned if they don’t.”

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Central Banks Will Drive Gold to New Highs (Video)

Peter Schiff was interviewed by Chris Waltzek on GoldSeek Radio. They discussed the fact that gold is up 8% on the year and has done better than the stock market, and yet the so-called experts continue to say that it has had a “tough year.” Peter explained that the conditions needed for gold to break former highs over the coming years are exactly the artificially low interest rates and inflationary policies of the Federal Reserve and other worldwide central banks. Peter also spoke about how Janet Yellen is betting her positive economic forecast on the wealth effect associated with a rising real estate market, but he believes that the housing rally is over.

“Everybody was expecting the stock market to be up this year. In fact, it’s up less than all the experts thought it would be, whereas those same experts expected gold to be way down on the year. Instead, it’s doing better than the stock market. And they don’t even acknowledge how wrong they were. They still pretend that they were right.”

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Gold Continuing to Outperform Stock Market (Video)

Peter Schiff appeared on CNBC’s Futures Now this week to share his expectations for the price of gold following the Federal Reserve’s policy statement. Peter also predicted the higher Q2 GDP number and explained why he thinks the US dollar isn’t nearly as healthy as everyone thinks. Finally, Peter emphasized that gold has had bad press in 2014, even though it has out-performed the stock market with an 8% rise in the first six months of the year.

“Gold has gone up every year but one since the year 2000. So if you’ve been calling for a rise in the price of the gold, you’ve been right every year except one. That’s not a broken record, that’s just understanding what’s going on and predicting a higher gold price. It’s the people that have been calling for gold’s demise every single year who don’t understand the fundamentals… No market goes up every single year… I know what’s driving the trend and that’s the central banks, particularly the Federal Reserve.”

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US Could Be in a Recession by End of Year (Video)

Peter Schiff appeared on Yahoo! Finance yesterday to explain why he thinks the US economy is going to get worse in the second half of 2014, in spite of better Q2 GDP numbers. If economic data were reported more accurately, Peter believes we would discover that the US has been in a recession for the entirety of the Obama presidency. As it is, he thinks there is a good chance we’ll enter an official recession before the end of the year.

“Look at the housing data. It’s been terrible. Look at all the corporate earnings that have been coming out, particularly companies that service the middle-class and the lower-class. Earnings are disappointing. I think it’s clear that the economy is rolling over. People are buried under a mountain of debt. Prices are rising for utilities, for food. People are losing their full-time jobs [and] replacing them with low-paying part-time jobs.”

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Doug Casey: I’ve Never Sold an Ounce of Gold (Video)

Peter Schiff interviewed Doug Casey on his radio show this week. First they discussed Casey’s new short documentary Meltdown America, which warns about the looming financial and monetary collapse due to reckless central bank policies. They move on to explain to the listeners why both Peter and Doug buy physical precious metals like gold and silver to protect themselves from the current historic bubbles in the bond and stock markets.

“I continue accumulating gold very regularly… It’s the only financial asset that’s not simultaneously somebody else’s liability. And I’m not interested in holding paper in the over financialized world that we’re in today… I think we’re on the edge of something much worse than what we had in 2008 and 2009. If I look around the world to places where you can put your capital, real estate is over-priced. The stock market is greatly over-priced. The bond market is in a historic bubble… So what are you left with?” –Doug Casey

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Go Bold with Gold

The idea of gold standard continues to become more mainstream, as people realize the current monetary regime is out of control. Judy Shelton writes in The Weekly Standard:

“Should the soundness of the dollar be subordinated to other policy objectives, as determined by a small committee of Federal Reserve officials meeting in Washington, D.C., eight times a year? Would private individuals make better economic and financial decisions if they knew the value of the dollar was not slated to deteriorate annually by some unknown percentage?”

Read the Full Piece Here

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