Central Banks Wage War Against Low Prices – Ep. 46
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 23 January 2015
⏱️ 23 minutes
🧾️ Download transcript
Summary
* Big action from the Central Banks this week
* Bank of Canada lowered rates from 1% to .75%
* The ECB announced the launch of first QE program
* The Euro plunged against gold
* Central Banks' goal is to raise the level of inflation to guard against falling prices
* Falling prices accelerate economic activity
* Regulations and taxes slow down economies
* QE in Europe lets the politicians escape the consequences of regulations and taxes
* QE will send European money abroad
* Inflation is an obstacle to economic growth
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:07.0 | Well, we had some big action coming out of the central banks. |
| 0:12.4 | We had the Bank of Canada yesterday lowering interest rates from 1% to 0.75%. |
| 0:20.5 | And today we had the ECB launching or announcing the future launch of their first QE program. |
| 0:29.9 | In fact, yesterday they floated a trial balloon that they were going to do 50 billion a month. |
| 0:37.2 | And the market like that, the Euro sold off. |
| 0:41.1 | But then today they came out with 60 billion a month. |
| 0:44.7 | So maybe they leaked that lower number so that they can surprise everybody with an even bigger QE |
| 0:51.6 | and have an even bigger drop in the Euro. |
| 0:54.0 | And if that was their goal, they succeeded. |
| 0:56.8 | And the Euro plunged biggest drop I've seen in a while. |
| 1:00.7 | And that's saying a lot. |
| 1:01.7 | It was down at about 2% or something like that against the dollar today. |
| 1:05.9 | As much as the Euro was down against the dollar, it was down even more in terms of goal. |
| 1:11.4 | Because goal was up about 10 bucks. |
| 1:13.5 | We close above 1300, I think for the first time since August. |
| 1:19.1 | But in terms of Canadian dollars and euros were above 1600 Canadian dollars. |
| 1:26.5 | And also in terms of Australian dollars, gold is above 1600. |
| 1:29.9 | The Euro closed just below 1300 and 50 or gold closed just below 1300 and 50 euros. |
| 1:37.1 | We're up almost 200 euros, 20% 200 euros and ounce in less than 30 days. |
| 1:43.4 | I mean, that is an enormous move for the price of gold. |
| 1:46.6 | I mean, if the goal of QE in Europe was to make gold a lot more expensive for European's, |
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