– Fireworks Fly As Peter Schiff Warns “An Economy That Lives By QE, Dies By QE” (ZeroHedge, Oct 28, 2014):
Ahead of tomorrow’s decision by the FOMC, Peter Schiff ventured on to CNBC to discuss the economy, the fed, and gold… among other things. Schiff rightly fears that while the Fed may well stop QE3 tomorrow, QE4 will not be too long behind it as he notes, rather eloquently, that “an economy that lives by QE, will die by QE” as the Fed’s total lack of willingness to allow stocks to fall (see Bullard 2 weeks ago) or a ‘cleansing’ recession leaves the nation’s economy in far worse shape than it was before the Fed’s intervention. Schiff calmly replies to the anchor’s questions (as she proclaims “I am not on the side of the Fed but…”), gently explains his view on gold when challenged about his ‘wrongness’, but when a guest starts hounding him for being dangerous to CNBC viewers wealth… Schiff (rightly) loses it – must watch!
A well reasoned discussion of the Fed’s manipulation of markets and mal-investment hangovers is well worth the price of admission… but at around 6:35 when Scott Nations unleashes his tirade on Schiff, the fireworks start to fly… and Schiff (while being shouted over) reminds guests, anchors, and viewers alike “Go to YouTube, I am wrong a lot less often than most people on this program… and all you do is hassle me” that he was among the very few appearing on CNBC before the crash who foresaw it and the cataclysmic shift that has occurred (no matter what the perception of short-term memory traders)…“Think of all the bulls you paraded out here when Nasdaq was 5,000”
Absolute must watch…
We can’t help but feel the timing of this tirade against Schiff is spookily prophetic and will be in its own YouTube class in a few years…
I disagree. The FED has been buying junk, mortgage backed securities for the last seven years. $80 billion a month. Roughly 84 months they have been buying securities, could be more……but these estimated numbers equal approximate. $6.7 trillion. The entire US economy is approximately $14 trillion a year…….that is nearly half a year’s economy…….
Greedy guts have been relying on that free money for a long time, but bankers care more about their own wealth enhancement that other greedy guts. Greedy guts have been skimming the stock market so much with their high frequency trades that the FED said they are looking into high frequency trades affecting the markets……there is nothing to look into, it is obvious they are sucking out what is left of the market. 85%+ of all transactions are high frequency skim and sell…….the real market is really worth about 10-15% of what they claim………and the folks who get caught when the greedy guts move on…..like vultures….are going to be shocked. Those who think they have half a million or so will find it worth about 10-15% of that amount…….it will be brutal.
I do not agree there will be a Q.E. 4. The FED is backing off. They have also been making the interest payments on the US national debt. That is $430,812,121,272.05. Four hundred and thirty billion, eight hundred and twelve million, one hundred and twenty one thousand, two hundred and seventy two dollars and five cents. They have been making these payments for several years…
every three years is another trillion dollars…….
The FED is backing off, looking to sell off what it can, and cut its losses. The US dollar has lost most of its power over the past four years. It is no longer the world reserve currency except in the minds of those who won’t face the truth. Today, it is 33%, 67% no longer use the dollar. That is a huge loss, and the FED is first and foremost a private bank……..
Sorry, this time, I don’t agree. The game has changed radically, all money is going east.
If they’ve bottled over QE4, it’s only because of the realisation they’ve been sussed for being the lying fraudsters we now know they are.
Bailed out by the taxpayer and using the bailout to invest for themselves in solid assets whilst hiding the truth of inevitability from Joe.
Now this…..
http://charleshughsmith.blogspot.co.uk/2014/10/why-were-poorer-inflation-and-deflation.html