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CNBC Actually Admits Peter Schiff Was Right… Again (Video)

Friday, January 15, 2016 23:22

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(Before It's News)

For several years now, those drinking the Obamamania Kool-Aid have been under the delusion the U.S. economy has been in a recovery. Heck, if you watched the Liar In Chief’s State of the Union Speech, you might have even believed the economy is going pretty good now… HOWEVER… nothing could be farther from the truth.

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The fact that people with an IQ over 6 actually BELIEVE the President, or the talking heads on television simply because they say so, is truly a testament to how ill-informed the Americans people have become. Here’s a bit of basic math:

We have a population of approximately 320 million Americans. There are roughly 94 Million Americans out of work. 94/320 = 29.3% unemployment, NOT 5%, the figure Obama likes to talk about. That’s not “Obama Harvard Math” either, that’s 2nd grade 101.

It was rather amusing during Obama’s speech when the President said his economic policies have created more jobs than were created during all of Ronald Reagan’s presidency. I suppose President Obama deserves credit for being a gifted orator, if you consider reading prepared speeches off TelePrompTers gifted, and because of that “talent” he has, Obama is able to dupe a lot of Americans into thinking what he says is true, when in fact he is looking them right in the eye and either outright lying to them or misleading them on purpose.

Here’s the reality: His economy damn well better have created more jobs than Reagan’s, because there are 50 MILLION more people living in America now than there were under Reagan… but of course Obama leaves that out… being the lying sociopath that he is. The last two weeks we have experienced the worst two-week start to a year ever in the financial markets. The talking heads are blaming everything from trouble in China, to low oil prices, and other than people like Peter Schiff, and Dr. Jim Willie, almost NO ONE is talking about the REAL problem: The Fed is the cause of the U.S. economy’s troubles. For the ultimate confirmation of that, just listen to Former Federal Reserve President Who Made a Shocking Confession on TV:

“It is not China,” it is The Fed that is at fault: “What The Fed did, and I was part of it, was front-load an enormous market rally in order to create a wealth effect… and an uncomfortable digestive period is likely now.” He concludes there simply can’t be much more accommodation. ”The Fed is a giant weapon that has no ammunition left.”

If there is anyone who has been trying to warn the American people about that it’s Peter Schiff, and CNBC finally gave him some credit this week! If you follow Peter Schiff somewhat regularly, than you’re probably all too familiar with his epic showdowns on CNBC with Scott Nations. Like so many other talking heads on financial news networks, Scott has never given Peter Schiff the respect he deserves.

Of course, I am referring to virtually every financial host who has Peter on their show, or every panel Schiff takes part in on various financial network programs. The story is always the same: Peter gets ridiculed for his forecasts of what is to come. To fully understand why the persistent ridiculing is so absurd, you have to go back to 2006 when Peter was making the rounds for his then new book titled, Crash Proof: How To Profit From the Coming Economic Collapse.

The inside flap of that book reads in part:

Now, in Crash Proof, Schiff provides you with an insightful examination of the structural weaknesses underlying this impending economic meltdown, and discusses the measures you can take to protect yourself—as well as profit—during the difficult times that lie ahead. Using common-sense analysis, creative analogies, and easy-to-understand language, Schiff entertains as well as educates. While Schiff carefully details the grave economic forces pushing the United States closer to the edge, he also outlines a specific three-step plan that will allow you to preserve wealth and protect the purchasing power of the savings you have worked a lifetime to accumulate.

When everyone else was talking about a bull market, Peter accurately warned about an economic meltdown that would originate with housing derivatives, and he did so at a time when the real estate markets was on fire. By 2008, virtually every prediction Peter made (in writing two years prior) came to pass. One would think that would establish some credibility with the talking the heads, but this is the liberal media we are talking about, so no such luck. Over the years, Scott Nations is one of Peter’s biggest critics…

This Week, Schiff Gold writes:

Last month, Peter Schiff told CNBC the US stock market would fall dramatically if the Federal Reserve hiked rates. That is exactly what has happened in the new year, and when CNBC spoke with Peter yesterday they admitted his prediction had been right. However, they were still skeptical of Peter’s forecast of the economy sliding back into a recession. Notice how Peter’s favorite rival, Scott Nations, kept his mouth shut through the entire interview. Peter noted: “The expression on his face is priceless. I did not even know he was there…” Review their rivalry here, or you can see the videos below…

CNBC Admits Peter Schiff Was Right

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Schiff Gold continues:

Last month, Peter Schiff told CNBC the US stock market would fall dramatically if the Federal Reserve hiked rates. That is exactly what has happened in the new year, and when CNBC spoke with Peter yesterday they admitted his prediction had been right. However, they were still skeptical of Peter’s forecast of the economy sliding back into a recession. Notice how Peter’s favorite rival, Scott Nations, kept his mouth shut through the entire interview. Peter noted: “The expression on his face is priceless. I did not even know he was there.” Review their rivalry here.

The markets are going to drop until the Fed changes the game. When is the Fed going to take away the rate hikes? When are they going to cut? When are they going to launch QE4? That’s the only thing that’s going to put a floor beneath the market, because the economy is going into recession.”

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Going back to a debate in July, Jackie DeAngelis, the host of CNN’s Futures refers to Peter as the guest everyone is lining up to hear from, and then hardly mentions Scott Nations by name (presumably because no one wants to hear his nonsense).

Markets Wrong Again

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It’s obvious the exchange between Peter Schiff and Scott Nations (above) has Peter HOT under the collar, as you’ll see confirmed below when he refers back to their July exchange. The video above is a quick recap of why Peter so annoyed with Nations. Peter had been saying all year, and I agreed with him all year, that there wasn’t a snowball’s chance in hell the Fed would raise rates ANYTIME in 2015, or anytime soon. Schiff and I don’t agree on everything, but we did on that, and we were both wrong. We did however also say, that If The Fed DID raise rates, since the economy is not even REMOTELY healthy enough, it would be a HUGE mistake, and it would result in The Fed having to lower rates again immediately thereafter, and in the process lose all credibility.

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In the next video, Peter continues to tell anyone who will listen on CNBC that The Fed won’t raise interest rates, because to do so would be suicide. Again, he was wrong about their decision, but we are seeing he was right in what he said would happen if they did raise rates. Just look at the last two weeks as markets have begun to totally collapse.

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In the final video below recalling Peter’s recent history with CNBC, Schiff is in rare form. He begins by talking about no matter how many times he accurately predicts future economic events, he’s almost not even allowed on the CNBC television set anymore. He says when he’s lucky enough to get invited onto CBNC, they have him relegated to the Internet versions of their shows for his quick two seconds. He also goes on an epic Schiff, where he goes OFF on Scott Nations about their previous “discussions.”

UNBELIEVABLY, Scott Nations (the other guest that no one was demanding to hear from) asks Peter the DUMBEST question on earth. He asks, “What made YOU so certain the Fed would not and will not raise rates?” REALLY? For anyone reading this, see my answer several lines up. It’s not rocket science. Then listen to Peter tee off on Scott Nations for TOTALLY missing the boat. After Peter answers, Scott doubles down and asks an even dumber question, and begins it with, “Why does everyone else say… but only you say….” ARE YOU KIDDING?

WHEN WAS THE LAST TIME PETER WAS RIGHT?

WHEN WAS THE LAST TIME “EVERYONE ELSE WAS RIGHT?

Scott Nations Refuses to Admit Peter Schiff Was Right

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For the ultimate confirmation that the Fed is the problem, just listen to Former Federal Reserve President Who Made a Shocking Confession on TV. I also highly suggest listening to how Dr. Jim Willie Says the U.S. Dollar is Now a Being Managed as a Matter of National Security Due to the Fed’s Poor Decisions, you’ll be blown away at how bad the Obama administration and mainstream media have been lying to you.

For the Highlights from Peter’s most recent interview:

“I don’t think what’s happening in China is the reason for the market decline. I think the reason the market is going down is because the Fed pricked the bubble, the Fed raised rates. You can claim one of the reasons the Chinese market is selling off is because of what the Fed did. All of these problems are emanating from the Fed. Yet we’re trying to rationalize it by trying to pretend that what’s happening in the US stock market has to do with factors beyond our control. I think that is a way to rationalize what’s happening so people can continue with this narrative that everything is fine, that we have a legitimate recovery, that the Fed can continue to raise interest rates, and everything is going to be great. All we had is a bubble. All the problems that everybody believes were solved were actually exacerbated during the seven years of zero-percent interest rates and quantitative easing. Now the Great Recession of 2008 is going to resume in earnest…

“What’s happening in China – they’re having pressure on their currency, the Yuan, because many other currencies have already dropped in anticipation of all these rate hikes that are never going to materialize. So it’s the weakness in the Yuan that’s causing the capital flight from the Chinese markets. But all of that is based on the Fed raising rates and the erroneous belief that a lot more rate hikes are going to follow; this is going to be some sort of normal tightening cycle. It’s not…

“The markets are going to drop until the Fed changes the game. When is the Fed going to take away the rate hikes? When are they going to cut? When are they going to launch QE4? That’s the only thing that’s going to put a floor beneath the market, because the economy is going into recession. Corporate earnings are going to continue to fall. Why should the market not go up? The entire reason the market rallied was based on the Fed. They’ll even admit this. They deliberately engineered a stock market rally to create a wealth effect. Well that phony rally cause the economy to do things that it shouldn’t have done. People behaved in ways they shouldn’t have behaved had they not had all this phony wealth. Now that that phony wealth is disappearing, we have to basically correct all the damage…

“I’m still invested. I’m just not invested in the US. Obviously, the strength of the dollar is hurting the value of all of my international investments. But I am waiting for the Fed to capitulate; for the Fed to admit that the economy is weaker than they believed and that they are going to do more stimulus. I believe that is going to be very good for the foreign investments that I’m holding.

“Yes, I do hold gold. Gold has risen somewhat since the Fed hike rates, but it really hasn’t risen that substantially, because people still believe in the myth of this recovery. They still believe the US economy is the cleanest dirty shirt in the hamper…”