Peter Schiff: This Is Going To End Very Poorly

Thursday, November 21, 2019
By Paul Martin

Via SchiffGold.com,
ZeroHedge.com
Thu, 11/21/2019

On Nov. 18, Peter Schiff appeared on RT Boom Bust to talk stock markets, trade war and Federal Reserve policy. He said that right now the Fed is doing a good job stimulating the bubbles, but ultimately, it’s going to end very poorly.

On the trade war front, there seems to be a lot of conflicting information and continual yo-yoing between pessimism and optimism. The Chinese seem less confident while White House economic advisor Larry Kudlow says a deal is close.

Peter said he thinks China is posturing for negotiations.

If you’re negotiating with somebody, you don’t want to admit that you’re close to a deal. You want to say that a deal is far away because that way you can try to extract more concessions from the other side and get a more favorable deal. So, I think when you hear the comments from China, that’s what the Chinese are trying to do.”

But Peter said he thinks President Trump has a different agenda.

I think Trump only cares about goosing the stock market. And he knows that every time he comes out and says that a deal is close, we have a deal, it’s going to be great, he gets another 100, 200 Dow points. That’s what he cares about. And so as long as the market is going to keep running every time he cries wolf, he’s going to keep crying wolf.”

Todd “Bubba” Horwitz was also on the show. He disagreed somewhat with Peter’s assessment. He said the reason the stock market continues to soar is because there’s no place else to go with your money today. Investors are chasing yield. He said the stock markets will come crashing down at some point, but nobody knows when. He also said Trump is right when he says the Fed could take rates even lower because interest rates in the US are higher than they are in Europe and Asia. He said we could borrow at a lot lower rate because we’re still “the best game in town.”

Peter said he disagreed with Horwitz completely and that there are lots of better places to put your money than the US stock markets.

I think the US stock market is dramatically overvalued. And the reason it is going up is because the Federal Reserve is creating money.”

The Rest…HERE

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