Are Forex Markets Finally Calling the Fed’s Bluff? – Ep. 62
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 21 March 2015
⏱️ 30 minutes
🧾️ Download transcript
Summary
* The Fed removed the word "patience" from their statement while promising patience
* We are likely to see weaker employment numbers, further delaying talk of rate hikes
* Pundits who failed to foresee the 2008 crisis are now saying the "problem is solved" because they do not understand the problem
* The problem is worse now than ever
* The Fed caused the 2008 crisis and they are in the process of creating the next, much larger crisis
* I have been critical of QE 1,2 and 3 and low interest rates because they only mask the problem
* "Failure of Capitalism" comments are actually criticizing our socialist economic policy
* The same applies to the Fed, as they are price-fixing the market
* Faulty logic assumes that low inflation is the reason for the weak economy
* Low inflation, which is not as low as reported, is a silver lining in the economy right now
* The rich are making money on inflation because they are leveraged and speculating
* Inflation undermines the middle class, business and job creation
* Who will be blamed when the consequences of the Fed's policy finally result in crisis?
* Free market capitalism is the solution
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Transcript
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| 0:00.0 | The Peter Shifx Show. |
| 0:08.9 | Well the markets are still reacting to what really shocked most people on Wall Street. |
| 0:16.3 | I spoke about it yesterday. |
| 0:18.7 | I'll talk about a little bit more today with Janet Yellen, the Fed, finally removing the |
| 0:24.8 | word patience from its statement. |
| 0:27.8 | Everybody had been factoring in a rate hike and the first step in the process was the |
| 0:35.5 | removal of the word patience because the Fed had basically said, look, this is our roadblock |
| 0:41.0 | to rate hikes. |
| 0:42.5 | Until we remove it, we can't raise rates. |
| 0:45.8 | Everybody expected them to remove the road back and then paving the way, clearing the |
| 0:51.7 | way rather for a rate hike maybe as soon as June. |
| 0:56.4 | This is what everybody was preparing for. |
| 1:00.2 | Although I don't believe the stock market had fully discounted that in. |
| 1:03.7 | Certainly the foreign exchange markets had more than discounted that in. |
| 1:08.0 | But as I said on Wednesday, yes, Janet Yellen did remove the word patience because everybody |
| 1:17.1 | thought she was going to and so she didn't want to disappoint anybody. |
| 1:20.5 | She didn't want to show her cards just yet. |
| 1:24.3 | So she removed the word patient, but she reinserted it by saying, look, even though the word's |
| 1:30.3 | not there, we're going to be just as patient as we were when the word was there because |
| 1:35.7 | just because we're not patient, it doesn't mean we're impatient. |
| 1:39.7 | So what the hell are they? |
| 1:41.6 | Well, the one thing we know they're not going to do is raise rates. |
... |
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