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Category Archives: Interviews
The Fed’s “Tightening” Is Actually Easing (Video)
Yahoo! Finance’s Breakout interviewed Peter Schiff about the Federal Reserve’s contradictory announcement to taper QE while essentially guaranteeing 0% interest rates for years to come. Peter argues that if the markets can’t stomach higher interest rates in the middle of a recovery, when will the Fed be able to justify raising rates again?
“They tightened by easing. In fact, Ben Bernanke claimed that he wasn’t tightening. In fact, I think he thinks that the zero percent interest rates are more important than the QE… If it really is a recovery, why do we have any QE at all? Why are interest rates still at zero? The Fed is more accommodative now, five years into a so-called recovery, than it had ever been in the past at the depth of a recession.”
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Upside Potential for Gold Greater Than Downside Risk
The Wall Street Transcript released its Gold and Precious Metals Report, which includes an interview with Peter Schiff on gold’s performance in the past year and what to expect in the physical precious metals market going forward. The full report is available for download here. Yahoo! provides an excerpt from the interview:
“TWST: Gold has been not a great performer this year. What’s going on?
Mr. Schiff: Well, obviously some of the people who made a lot of money in gold over the years may have decided to cash in, but I think – more likely I think the speculators, who finally, finally got into the gold market over the last couple years decided to get out and cut their losses, because I think they saw the big run-up in the stock market, they believed all the hype about the recession being over, about the Fed being ready to tighten and take away the QE, and I think they believe that the case for gold was undermining.
So they sold their gold and went back into the stock market, because that’s where a lot of that speculative money came from. It came from stock market investors, who had lost money in the market over five or 10 years, didn’t own any gold, and then after seeing gold go up four or five times decided that they would want to buy some. And they got shaken out of the market in its last correction, and I think that’s very healthy, because I think the next leg up in the bull market – I think we have a long way to go before some of those speculators get back into the market, and of course by the time they do the prices will probably be well in excess of $2,000 an ounce.”
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$20K Gold Is Still to Come
Casey Research published an interview with economist, professor, and financial advisor, Krassimir Petrov, who is a long-term precious metals bull, like Peter Schiff. While Petrov believes gold’s correction is ongoing (meaning it remains a great time to buy), he argues that this is just a temporary setback in a huge bull market that will last much longer than mainstream analysts predict.
“First, I do expect that the stock market is going to lose significant value over the next five to ten years. Second, I believe that real estate is still grossly overvalued; as interest rates eventually rise, real estate will fall hard—overall, it will not hold value well. Third, I also believe that bonds are extremely overvalued and that yields are extremely low. I expect interest rates to begin to rise and bond prices to fall, so I strongly discourage investors from staying in bonds. Finally, I expect that governments will continue to inflate, even though it doesn’t work, and that currencies will devalue.
I strongly encourage investors to stay out of all four of these asset classes. Investors should be staying well diversified in commodities. They shouldn’t ignore food—agriculture. They shouldn’t ignore energy. But their portfolios should be dominated by precious metals.”
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2014 Crash? London Real Interviews Peter Schiff (Video)
Peter Schiff was a guest on the alternative media program London Real with host Brian Rose. This hour-long conversation is geared towards a younger audience and is a great introduction to Peter’s investment philosophy. Alessio Rastani, known as the “Robin Hood of Wall Street,” also joined the conversation. Rastani believes the US is due for a major crash in 2014, and he discussed the possibilities with Peter.
They go on to discuss Peter’s political sentiments, bitcoins, the mainstream media, the gold standard, and much more.
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When the Bubble Pops, Don’t Get Stuck with Dollars (Video)
Peter Schiff appeared on Fox Business before Thanksgiving last week to share his opinion on the record highs in the stock market and how the US economy is going to eventually unravel.
“The vast majority of Americans who don’t own stocks and can’t afford to buy houses – all they’ve got is higher food costs, higher electrical bills, and they can’t get a decent job… When the Fed is ultimately forced to raise interest rates, we’ll have a big drop in the stock market, a big drop in the real estate market. We’ll be back in a severe recession. It’s going to be tough.”
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Peter Schiff’s Recommendations for 2014 (Video)
Yesterday, CNBC’s Closing Bell asked Peter Schiff what his expectations are for 2014 and what investors should be buying. Peter argued that the American economy is not deleveraging and urged investors to avoid the conventional wisdom of Wall Street that continues to ignore the looming dollar crisis.
“It’s been a lousy year for gold because so many investors incorrectly perceive a recovery that doesn’t exist. They think that we’re deleveraging. We’re piling on more leverage than ever before! I think investors have to ignore what everybody is buying [if they don’t] understand the fundamentals, and look to what everyone is overlooking.”
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The Fed Is Bluffing: No Exit Strategy Exists (Audio)
Chris Waltzek interviewed Peter Schiff on GoldSeek radio last week. Peter spoke at length about the mainstream misconception that the US economic recovery has been successful thanks to monetary stimulus and that the rest of the world needs to follow the same strategy. Eventually, Peter argues, the market will have to wake up to the fact that the Fed can never and will never end quantitative easing. That’s when investors will stop ignoring gold and the price will rise.
“It’s not a genuine economic recovery that is sustainable. They have created a phony recovery that needs ever increasing doses of QE to continue. So if they want to stop it from imploding, they’re going to need more QE. But they can’t admit that…”
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Ex Fed Governor: What Is QE Really Doing for Americans? (Video)
Kevin Warsh is a former member of the Federal Reserve’s Board of Governors. In an interview on CNBC yesterday, Warsh slams the Federal Reserve for their poor economic models and horrible track record of economic predictions. He goes on to point out that the Fed’s stimulus program does nothing for Main Street and is really just a stimulus program for those with big balance sheets on Wall Street. More and more mainstream economists are following in the footsteps of Peter Schiff and beginning to question the value of the Fed’s stimulus programs.
“The reality is, QE policy favors those with big balance sheets. They favor those with risk appetites. They favor those with access to free money. And real people that are living off their income statements, that have W2 income, they’re still looking around and saying, ‘What is Fed policy doing for me?’”
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David Stockman: Fed Has Taken Itself Hostage (Video)
Fox Business’ Neil Cavuto spoke with Ronald Reagan’s former budget director, David Stockman, about the rising stock market and taper talk from the Federal Reserve. Stockman, like Peter Schiff, sees bubbles forming throughout the economy and blames the easy money policies of the Federal Reserve. Like Peter, Stockman warns of a massive crash that investors should be preparing for.
“I say it’s [2007], [2008] all over again. Party time. We have bubbles breaking out everywhere and almost a repeat patter… We’re in the fourth bubble created by the Fed with easy money and printing press expansion in this century… This is the biggest one yet.”
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Santelli & Stockman: Budget Deal Is a Joke (Video)
As usual, the mainstream news has been looking at the US budget deal through rose-colored glasses. In this short video, Rick Santelli and David Stockman tear apart the bi-partisan budget “solution,” noting that it’s just another game of kick-the-can.
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