Peter Schiff: Did the Fed’s Luck Run Out On Friday the 13th?

(Before It's News)

Yesterday, Friday the 13th was certainly an unlucky day all around. Of course our prayers go out to the families of all those who lost someone in the Terrorist Attacks in Paris, but the markets suffered a few casualties of their own this week. Actually they suffered some last week too, because for the first time since August, we had back to back weeks of the market being down 1%. What was going on in August? Everyone bought into the ongoing con job by the Fed, and actually believed the Fed was going to raise rates in September, so everyone sold off, just like we’re seeing now. Sad. 

When Peter dives into his analysis, the sarcastic tone in his voice is classic. First, as he predicted months ago, this is going to be a bleak Christmas for retailers. As he expected, sales have been down, which means inventories are up, and stores haven’t been able to move anything off their shelves. Predictably, retailers led this week’s nose dive as retail stocks plummeted. What’s so funny, is the Fed keeps saying that they’re “Data Dependent,” so Peter screams, “THEN OPEN YOUR EYES AND LOOK AT THE DATA, THE NUMBERS ARE AWFUL!!!” This is the beginning… the beginning of the end. The financial tsunami that is headed right for us is at its crest, and the only thing left to do is for it to finally come crashing down… 

This week’s sell-off of stocks should not be a big shock too anyone. In fact, don’t be surprised to see next week top this week’s loss of over 600 points. December is still a ways off, and the vast majority of people listen to the talking heads on television saying the Fed is probably going to raise rates in December. Uh, how about NO, they aren’t! Does everyone have selective memory? Sure, Janet Yellen said a rate hike in December was a “possibility,” but for whatever reason, everyone somehow has taken that to mean that rates WILL be going up. H-E-L-L-O! Janet Yellen also said “Rates Could Stay at Zero Forever”. Just use common sense. If the market is going to drop about a total of 2,000 points at even a hint of a rate hike of .25%… then that by itself says the economy is not strong enough for a rate hike. It might be different if the Fed was talking about going from 0% to 4%, but we’re talking about 1/4 of 1%, and the markets flip out??? Please! Do what you want, but I can’t imagine incurring any tax liability based on the premise that rates would be going up in December, that’s for sure. 

After teeing off on Janet Yellen and the Fed, Peter closes out with his predictions for the coming month. Somehow he goes off on a tangent about how all the Millennials living The “New” American Dream are probably the reason car sales were up, because living at home with mom and dad, cars have to serve a “dual purpose,” if you catch my drift. It’s pretty funny how Peter gets way out there on that tangent, but as always, he boils down what to expect in common sense terms, so be sure to give is a listen. In the article below, the AP seems to echo Peter’s sentiment, when it says Janet Yellen and the Fed have no idea what’s going on, or whether their policies are helping or making things worse. Wow.

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AP reports today:

Federal Reserve Chair Janet Yellen is stressing the need to review the unconventional monetary policies that central banks around the world deployed in response to the 2008 global financial crisis.

She said Thursday that the post-crisis period offers policymakers an opportunity to assess the effectiveness of the tools and better understand the impact of new regulation.

“Policymakers have to carefully weigh the advantages and disadvantages of alternative monetary implementation frameworks in the presence of new policy tools,” Yellen said in remarks at a two-day research conference sponsored by the Fed.

Translation: We have no idea what’s going on, or whether or policies are helping or making things worse.

Also today, St. Louis Fed Chairman James Bullard said (via Zero Hedge):

The Fed “may need to alter some fundamental assumptions about how Fed policy works if U.S. stays in persistent state of low nominal rates, low inflation.”

***

But the most important thing Bullard said in his speech titled “Permazero” is that the the US may be entering a permanent period of lower inflation and interest rates. Wait, wasn’t ZIRP and QE supposed to push the US economy, boost inflation and hike rates?Good to know 7 years later that the biggest monetary experiment in history did precisely the opposite of what it was supposed to achieve.

We’ve noted for over 7 years that the Federal Reserve has no idea what it’s doing.

For many years, the world’s most prestigious financial institution, known as the “Central Banks’ Central Bank” – the Bank for International Settlements – has slammed the Fed’s policies of:

Letting big banks hide their debt, instead of making them write it off

Propping up too big to fail banks

Leaving interest rates too low for too long

Blowing bubbles

Using “gimmicks” and “palliatives” to try to paper over the mess

Indeed, one the Fed’s core tools – quantitative easing – which is aimed at boosting inflation, may actually CAUSE deflation.

Another core tool – creating a “wealth effect” – actually HARMS the broader economy in the long run.

Heck of a job …

The original source of this article is Washington’s Blog

FOR LINKS TO UNDERSTAND THE ECONOMY & THE COMING ECONOMIC COLLAPSE:

Peter Schiff: Take a Good Look at the “New” American Dream!

Jim Willie Explains U.S. Nuclear War Threats to China and Russia Over Challenging Dollar Supremacy

Peter Schiff and “The 4 Harbingers Of Stock Market Doom”

Peter Schiff: Warning! Economic Storm Clouds Ready to Rain

Peter Schiff: It’s All About the Benjamins, And US Currency is Creeping on Broke

Peter Schiff and Reagan Advisor: Complete Economic Collapse Immediately Ahead

Jim Willie: What Will It Mean If the Yuan Gets Reserve-Currency Status?

Jim Willie and 20 Reasons Why Quitting Prepping After September Was Wrong

Disaster: Will EU Become a New Enemy to the U.S. After Refugees Collapse EU?

Peter Schiff: “The Fed Admits Rates Could Stay at Zero Forever”

Peter Schiff with Mr. “I Have No Fear Of an Economic or Stock Market Collapse”

Peter Schiff Explains Why Financial Bubbles Are Ready to Pop

Peter Schiff: Everybody Is Preparing for Wrong Outcome in US Economy

The Elite Have Prepared For the Coming Economic Collapse – Have You?

China Warns Washington It’s Been Liquidating U.S. Treasuries

2 Day Crash That Was Larger Than Any 1 Day Market Crash In U.S. History 

10 Horrifying Realities Americans Find Too Awful To Face

Gerald Celente: Massive Market and Trade Instability Will Cause WW III

China Knocking on the Door of Reserve-Currency; World Teeters on Collapse

Peter Schiff: Greece Was a Sideshow. Americans Need to Worry About Starving

Gerald Celente Predicts Economic Collapse Means World War III (Video)

Can You Imagine Empty Grocery Stores?

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