Are Forex Markets Finally Acknowledging the Slowing U.S. Economy?
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 4 February 2015
⏱️ 30 minutes
🧾️ Download transcript
Summary
* Volatile day in the markets
* Largest decline in Personal Spending since September 2009
* Wages and Salaries gain slowest in 7 months
* December ISM Manufacturing Index down to 53.5
* December Employment growth at 7-month low
* 2.6% GDP number will likely be revised downward
* U.S. Factory Orders declined 3.6% in December
* Oil prices triggering momentum against the dollar
* The FOREX markets are beginning to acknowledge U.S. economic weakness
* QE4 will accompany a budget-busting economic stimulus
* S&P was the only agency penalized by the government for rating sub-prime mortgage AAA
* S&P is actually being penalized for downgrading U.S. government debt
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Transcript
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| 0:00.0 | about Peter Schiff's show. |
| 0:08.8 | Well we had a very volatile day today in the foreign exchange markets, the equity markets, |
| 0:15.5 | the crude oil markets, and I'm going to get to Tuesday's market action after I first |
| 0:21.9 | recapped some of the economic data that came out both today and yesterday. |
| 0:26.8 | Let me start with looking at the personal income and spending numbers that came out on |
| 0:32.2 | Monday. |
| 0:33.9 | And personal income was up by three tenths of a percent, which was in line with the |
| 0:39.7 | forecast. |
| 0:40.7 | They did downwardly revise the prior month, which was up point four. |
| 0:46.0 | They moved that to up point three, but personal spending, that's where we got the bad news |
| 0:52.1 | as far as the US GDP is concerned. |
| 0:56.4 | They were looking for a decline of point two. |
| 0:58.8 | Instead we got a decline of point three, which believe it or not is the largest decline in |
| 1:05.5 | monthly personal spending since September 2009, right? |
| 1:11.9 | September 2009 during the great recession. |
| 1:16.9 | And if you look at the wages and salaries component, the gain was the slowest pace in seven |
| 1:24.2 | months. |
| 1:25.4 | But the real bad news was the December ISM manufacturing index. |
| 1:31.9 | It plunged all the way down to 53.5. |
| 1:35.6 | That's the lowest level since January. |
| 1:38.7 | That's the middle of the polar vortex January of last year. |
| 1:43.2 | It's way below estimates. |
... |
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