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Peter Schiff: Janet Yellen and the Fed Are Conning the World Financial Markets

Thursday, September 24, 2015 8:00

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(Before It's News)

In the video below, Peter Schiff wastes no time go after the Fed guns blazing accusing Janet Yellen of doing her best to con to the American public. One would think that CNBC would have learned by now to stop treating Peter like he’s crazy, because from 2006-2008 they virtually laughed Peter off every studio set as he warned of the looming housing meltdown. Guess who was right?

The basis for Peter calling Janet Yellen a con artist is well grounded in fact. As Peter explains, she kept floating the idea out there in the months leading up to the September announcement that the Fed might finally be ready to raise interest rates, as if somehow this economy could handle that. Presumptively, Yellen has obviously been well schooled in the Obama doctrine which states, “If you say something enough times, regardless of it having any merit in reality or not, eventually people will think it’s true.” Since Janet Yellen knows full well the economy is in tatters, and all the increases people have seen in the real estate and stock market are artificial increases, but she can’t very well come out and say that, so she keeps playing this game of pretend. She says the Fed is considering raising rates, and people are dumb enough to believe it.

There is a better chance a snowball can come back from a weeks vacation in hell with a tan before the Fed raises interest rates any time this year, and I would argue well into next year, if EVER. Remember, it was Janet Yellen herself who said not too long ago that rates may stay at zero forever. Listen to the banter back and forth between Peter Schiff and CNBC hosts in the video below and you decide who makes more sense.

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Recession Countdown:

Durable Goods Orders Drop Most Since March, Shipments Tumble

Tyler Durden of ZeroHedge writes:

Durable Goods New Orders dropped 2.0% MoM in August, the biggest drop since March (but modestly beat expectations of a 2.3% drop). This extends the ex-transports YoY losing streak to 7 months of declines flashing recessionary warnings left and right. Perhaps most notable is the 0.2% drop in Capital goods Shipments (dramatically missing expectations of a 0.5% rise) and the weakest print since May.

Durable Goods New Orders YoY down for 7 consecutive months.

The less volatile ex-transports series stangated in August, on expectations of a 0.1% increase for the month, and dropping 3.9% Y/Y is now also down 7 months in a row.

But if headline durables were bad, than core capex in the form of capital goods non-defense ex aircraft both shipments and orders was a total collapse.

To wit: orders.