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Peter Schiff: Yellen Loves Economics; Too Bad She Doesn’t Understand It (Videos)
Here we go again with the nonsensical talk about the Fed raising rates in June or July. That’s all anyone on Wall Street is talking about: Will the Federal Reserve raise rates in June? This time, rather than give Janet Yellen more credit than she deserves, Peter Schiff goes on record saying what the Fed does in June or July is virtually immaterial… and he explains why…
If you recall, Peter said for almost all of 2015 that the Fed would NEVER raise interest rates. After preaching there was ZERO chance the Fed would ever raise rates in 2015, simply because economic conditions did not justify raising them, the Fed went ahead and raised them in December anyway. Peter’s critics love to jump all over him for that one, but what they fail to mention EVERY time, is that Peter always said that he was giving Janet Yellen the benefit of the doubt. Peter constantly reminded people how midway thought the housing crash of 2008, Janet Yellen STILL hadn’t reached the conclusion we were in a recession yet, but despite that, Peter was giving her the benefit of the doubt because he felt there was no way she could possibly make such an idiotic mistake again, and raise rates… but she did.
By her own words, Yellen said that for the Fed to raise rates, it would be a decision based solely on the economic data. Shockingly, the same numbers that had people saying raising rates was lunacy several weeks prior, were actually considerably worse when the Fed actually chose to raise rates in December. Some of those economic numbers were as much as three times worse at the time of the rate hike too. So much for letting the data make the decision. Her decision was purely a political one, because Obama wants the country to think we’re in a recovery. What Peter’s critics fail to mention, is that he said three things would happen IF the Fed was crazy enough to raise rates:
1) The U.S. stock market would go way down, and the stock market had it worst start in HISTORY!
2) Gold would go up, and it has; and
3) The U.S. Dollar would go down, and this last week the Dollar has his new lows in 2016.
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So… who was right after all? Peter appeared on CNBC’s Fast Money and created a firestorm when he said he sees this as a repeat of what happened at the end of last year and suggested everybody knows the Fed is at the end of its tightening cycle.
“You know, the Fed launches a trial balloon, they raise the possibility of a rate hike, and they wait to see how the markets react. And the markets are basically acting positively, just like they did in December last year. Everybody was convinced there was a rate hike, but the markets were rising anyway. And I think it was the increase in the markets that gave the Fed the false confidence to actually raise rates. But as soon as they did, the markets sold off. We had the worst start to a year in history, and I think the same thing will happen if they raise rates in June. I think the market is going to sell off. I think gold is going to rally again. And I think the dollar is going to sell off. Because these rate hikes are too little too late.”
In fact, Peter thinks by the end of the year, the Fed will have to start dropping rates again, and eventually even launch another round of quantitative easing. The CNBC hosts tried to push Peter into a corner, touting how great the stock market has done over the last several years. Peter fired back, arguing that what we’ve seen is really just a giant asset bubble, not unlike the housing bubble the precipitated the most recent crash.
AT THE LEAST, THE FED WILL HAVE TO LOWER RATES CLOSER TO ELECTION TIME…
TO STIMULATE A PHONY RECOVERY FOR HILLARY…
HENCE WHY PETER SAYS WHAT HAPPENS IN JUNE OR JULY IS IMMATERIAL…
That’s just the beginning. In the second video Peter breaks down even more recent economic data that has come out, which “should” squash ANY thoughts of a rate hike, but since any hike would be based on political reasons anyway, not economic ones, this time Peter says it’s anyone’s guess what the Fed might do. Highlights from the first interview are below, then the most recent economic data from Peter:
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“I still think the odds favor another punt. The [the Fed] say they were data dependent, and if you actually look at the data that’s come out since the last FMOC meeting…most of the data has gotten worse. Certainly the jobs data has been worse. But most of the economic data, including most of the economic data we got this week, was well below expectation. So, I don’t see a second quarter rebound and that was contingent. The Fed said, “Well, if the economy improves and the job market improves, we might raise rates.” Well, neither are improving. In fact, it’s more likely they are going in the other direction.”
“I think this is a repeat of what happened late last year. You know, the Fed launches a trial balloon, they raise the possibility of a rate hike, and they wait to see how the markets react. And the markets are basically acting positively, just like they did in December last year. Everybody was convinced there was a rate hike, but the markets were rising anyway. And I think it was the increase in the markets that gave the Fed the false confidence to actually raise rates. But as soon as they did, the markets sold off. We had the worst start to a year in history, and I think the same thing will happen if they raise rates in June. I think the market is going to sell off. I think gold is going to rally again. And I think the dollar is going to sell off. Because these rate hikes are too little too late. Everybody knows that the Fed is ending its tightening cycle. Whether it makes one more quarter point hike or not is immaterial. Because by the end of the year, they’re going to have to take all this stuff back; they’re going to be cutting rates; they’re going to be doing QE4.”
“The Fed is going to have to reverse course and start backtracking. I think we already are in a recession…I think when they go back and revise the numbers…I think the data is going to reflect we’ve been in a recession. They never know you’re in a recession until you’re almost finished with it.”
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“I was warning about the housing bubble years before it burst. I was warning about the financial crisis for years before it burst. So, plenty of people on CNBC were making fun of me in 2006 and 2007. ‘Peter, you’ve been talking about that for years and nothing is happening.’ Then everything collapsed.”
“What I’ve been saying is everything the Fed has done since the financial crisis has made the underlying problems that caused that crisis worse. So, because of that, we are on the verge of a much worse economic crisis. We are more addicted to cheap money now than ever before. There have been more mistakes, more malinvestments. This is the biggest bubble the Fed has ever inflated, and the ramifications will be much more enormous when it pops.”
“I do believe the Fed will put a floor beneath the market by printing money. But the ultimate collapse is in the dollar. It hasn’t happened yet, but the Fed is going to sacrifice the dollar.”
“That’s what we do. We print money because we can’t repay our debts.”
“Puerto Rico is broke. We all know that. But it was broke two years ago. It was broke three years ago. Why didn’t anybody care? The creditors kept lending them money even though they were broke. Well, eventually people wake up and they realize the debtor is broke. America is more bankrupt than Puerto Rico.”
“[The Fed] felt they were in the catbird seat right before the financial crisis. Do you think there was a single person on the Fed that had any concern about the housing market? About the mortgage market? They were blind as a bat. Janet Yellen was the leader of the deniers. She thought everything was great, there was nothing wrong, and we were around the corner from a complete collapse. They have no track record of predicting anything.”
In the following podcast, Peter rips into Janet Yellen even harder. At one point he even says that for someone who has dedicated her life to one subject, and gotten doctorates from all the best ivy league schools, it’s amazing how little she knows about the subject. We’re talking about a woman who halfway though the housing meltdown of 2008, didn’t even have a negative outlook moving forward. Are you serious? THAT is the person we’re supposed to believe is somehow miraculously going to see a crisis on the horizon coming? It’s a joke, and a very bad one the American people will be the butt of before too long.
In the video below, Peter reviews even more negative economic numbers that have come out in the last week, which only further prove why rates should not go up. He discusses the consequences those numbers will have on the economy, and ultimately, he’ll list the reasons why everyone should stop listening to Janet Yellen, or the Fed.
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Finally, for the tens of millions of people out there who are always asking, “If there was anything to really worry about, why hasn’t the news covered it,” the following article by Michael Snyder is for them. Anyone who can’t understand why they are completely unaware of what is happening all around them (besides willful ignorance), let this be a real eye opener. They don’t know because the global elite don’t want them to. Since every ounce of news comes from 1 of only 6 sources, it is rather easy to manipulate the population with the mainstream media. Only AFTER the global elite have secured all their assets before the crash, will the rest of the masses find out. Haven’t people learned by now????
If you allow someone to pump hours of “programming” into your mind every single day, it is inevitable that it is eventually going to have a major impact on how you view the world. In America today, the average person consumes approximately 10 hours of information, news and entertainment a day, and there are 6 giant media corporations that overwhelmingly dominate that market. In fact, it has been estimated that somewhere around 90 percent of the “programming” that we constantly feed our minds comes from them, and of course they are ultimately controlled by the elite of the world. So is there any hope for our country as long as the vast majority of the population is continually plugging themselves into this enormous “propaganda matrix”?
Just think about your own behavior. Even as you are reading this article the television might be playing in the background or you may have some music on. Many of us have gotten to the point where we are literally addicted to media. In fact, there are people out there that become physically uncomfortable if everything is turned off and they have to deal with complete silence.
It has been said that if you put garbage in, you are going to get garbage out. It is the things that we do consistently that define who we are, and so if you are feeding your mind with hours of “programming” from the big media corporations each day, that is going to have a dramatic affect on who you eventually become.
These monolithic corporations really do set the agenda for what society focuses on. For example, when you engage in conversation with your family, friends or co-workers, what do you talk about? If you are like most people, you might talk about something currently in the news, a television show that you watched last night or some major sporting event that is taking place.
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Virtually all of that news and entertainment is controlled by the elite by virtue of their ownership of these giant media corporations.
I want to share some numbers with you that may be hard to believe. They come directly out of Nielsen’s “Total Audience Report“, and they show how much news and entertainment the average American consumes through various methods each day…
Watching live television: 4 hours, 32 minutes
Watching time-shifted television: 30 minutes
Listening to the radio: 2 hours, 44 minutes
Using a smartphone: 1 hour, 33 minutes
Using Internet on a computer: 1 hour, 6 minutes
When you add all of those numbers together, it comes to a grand total of more than 10 hours.
And keep in mind that going to movie theaters, playing video games and reading books are behaviors that are not even on this list.
What in the world are we doing to ourselves?
The combination of watching live television and watching time-shifted television alone comes to a total of more than five hours.
If you feed five hours of something into your mind day after day, it is going to change you. There is no way around that. You may think that you are strong enough to resist the programming, but the truth is that it affects all of us in very subtle ways that we do not even understand.
And as I mentioned above, there are just six giant corporations that account for almost all of the programming that we receive through our televisions. Below is a list of these six corporations along with a sampling of the various media properties that they own…
Comcast
NBC
Telemundo
Universal Pictures
Focus Features
USA Network
Bravo
CNBC
The Weather Channel
MSNBC
Syfy
NBCSN
Golf Channel
Esquire Network
E!
Cloo
Chiller
Universal HD
Comcast SportsNet
Universal Parks & Resorts
Universal Studio Home Video
The Walt Disney Company
ABC Television Network
ESPN
The Disney Channel
A&E
Lifetime
Marvel Entertainment
Lucasfilm
Walt Disney Pictures
Pixar Animation Studios
Disney Mobile
Disney Consumer Products
Interactive Media
Disney Theme Parks
Disney Records
Hollywood Records
Miramax Films
Touchstone Pictures
News Corporation
Fox Broadcasting Company
Fox News Channel
Fox Business Network
Fox Sports 1
Fox Sports 2
National Geographic
Nat Geo Wild
FX
FXX
FX Movie Channel
Fox Sports Networks
The Wall Street Journal
The New York Post
Barron’s
SmartMoney
HarperCollins
20th Century Fox
Fox Searchlight Pictures
Blue Sky Studios
Beliefnet
Zondervan
Time Warner
CNN
The CW
HBO
Cinemax
Cartoon Network
HLN
NBA TV
TBS
TNT
TruTV
Turner Classic Movies
Warner Bros.
Castle Rock
DC Comics
Warner Bros. Interactive Entertainment
New Line Cinema
Sports Illustrated
Fortune
Marie Claire
People Magazine
Viacom
MTV
Nickelodeon
VH1
BET
Comedy Central
Paramount Pictures
Paramount Home Entertainment
Country Music Television (CMT)
Spike TV
The Movie Channel
TV Land
CBS Corporation
CBS Television Network
The CW (along with Time Warner)
CBS Sports Network
Showtime
TVGN
CBS Radio, Inc.
CBS Television Studios
Simon & Schuster
Infinity Broadcasting
Westwood One Radio Network
Fortunately, those enormous media conglomerates do not have quite the same monopoly over the Internet, but we are starting to see a tremendous amount of consolidation in the online world as well. Just check out these numbers…
Overall, the top 10 publishers — together owning around 60 news sites — account for 47% of total online traffic to news content last year, with the next-biggest 140 publishers accounting for most of the other half, SimilarWeb found.
The biggest online news publisher for the U.S. audience was MSN, owner of MSN.com, with just over 27 billion combined page views across mobile and desktop, followed by Disney Media Networks, owner of ESPN and ABC News, with 25.9 billion.
The battle for the future of this nation is a battle for the hearts and minds of individuals.
And it is hard to see how things will be turned in a dramatically different direction as long as most of us are willingly feeding our hearts and minds with hours of “programming” that is controlled by the elite each day.
The good news is that there are signs of an awakening. More Americans than ever are becoming disenchanted with the mainstream media, and this is showing up in recent survey numbers. Here is one example…
Trust in the news media is being eroded by perceptions of inaccuracy and bias, fueled in part by Americans’ skepticism about what they read on social media.
Just 6 percent of people say they have a lot of confidence in the media, putting the news industry about equal to Congress and well below the public’s view of other institutions.
As Americans (and people all over the world) have lost confidence in the mainstream media, they have been seeking out other sources of news and entertainment. This has greatly fueled the rise of the alternative media, and the dozens of websites all over the Internet where this article will ultimately be published are examples of this explosion.
You can only enslave people for so long. Ultimately, they will want to break free of the chains that are holding them back and they will want to find the truth.
In this day and age, it is absolutely imperative that we all learn to think for ourselves. If you find that you are still addicted to the “programming” that the giant media corporations are feeding you, I would encourage you to start unplugging from the matrix more frequently.
In the end, you will be glad that you did.
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IF YOU READ NOTHING ELSE, THE FOLLOWING POSTS ARE ESSENTIAL:
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Trying to make sense out of all that, you forget one thing.
Agenda 21 (2030).
still not reporting on anything, i predict when obama leaves office and a conservative takes over, all these liberals will pull the plug from the dam, that is, the markets will dive from being falsely boosted by the fed while obama is in to attempt to make him/the economy look better.
Interest Rates ~ Resist/Entreat
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USA – .50 United Kingdom – .50 Germany – 0 Japan .1
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China – 4.35
India – Brazil 14.25
Russia – 11
Indonesia – 6.75
Mexico – 3.75