Peter Schiff: “The Recession Is A DONE DEAL” Thanks To The Fed’s Interest Rate Hikes
Mac Slavo
January 22nd, 2019
SHTFplan.com
In his latest podcast, financial expert Peter Schiff said that what we’re seeing right now in the economic climate is a typical bear market correction and a recession is right around the corner. Schiff said that optimism over a trade deal with China won’t stop the markets from going into recession.
According to Seeking Alpha, pundits on CNBC emphasized that the Dow has risen out of “correction” territory, meaning it is no longer 10% below its highs. They blasted this all day Friday. But Schiff took issue with this analysis and said the talking heads just don’t understand how it all works.
“First of all, we didn’t enter a correction. We entered a bear market. Now, bear markets have corrections too. They’re called rallies. Except the people and CNBC don’t get that. They think the only correction is a move down in a bull market.” -Peter Schiff via Seeking Alpha
And Schiff declared that the Federal Reserve is once again, the cause of this correction.
“As I’ve been saying, I began forecasting, even before the first rate hike in December of 2015, that if the Federal Reserve ever tried to normalize interest rates, it would never succeed. It would never be able to get rates back to normal because somewhere along the way they would tip the stock market into a bear market, cause a recession, and the Fed would back off. And that’s exactly what happened. The minute the stock market went into a bear market in the fourth quarter of last year, by early this year, everybody did an about-face, and all of a sudden, there are no more rate hikes, no more autopilot. They’re just, you know, being patient.” -Peter Schiff via Seeking Alpha
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