Draghi Said ECB Considered Buying Every Asset Except Gold: Ep. 29
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 4 December 2014
⏱️ 25 minutes
🧾️ Download transcript
Summary
* What is the goal of the "Inflation Mandate?
* What is the exact number of the mandate?
* If the real mandate is "less than 2%" they're already there
* The European economy is expecting another QE, but I don't expect it.
* How they plan QE if they don't know what they are going to buy?
* Draghi cites success of U.S. QE, but the Fed has not shrunk its balance sheet.
* They discussed buying all assets except gold because this would highlight failure of QE
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:08.8 | I was listening this morning to the press conference given by Mario Draghi, the ECB held |
| 0:14.4 | the conference. |
| 0:15.4 | There were a lot of reporters in attendance. |
| 0:17.4 | They were asking questions. |
| 0:20.0 | And the Ero currency rose early in the conference. |
| 0:24.2 | And in fact, after the conference ended, the Ero made new interday highs before surrender |
| 0:29.8 | to about half of those gains. |
| 0:32.5 | As of right now, I'm recording the podcast and the Ero is up, but about half as much as |
| 0:40.0 | it was on the highs right now, I'm looking at a Euro of 12380. |
| 0:46.3 | I think I saw it up around 124.50 or something like that after the conference ended, but the |
| 0:52.9 | disappointment. |
| 0:53.9 | Right. |
| 0:54.9 | And so it was people were disappointed. |
| 0:56.4 | And so the Ero went up. |
| 0:58.3 | The disappointment was that Draghi wasn't more forthright with, yes, we're doing QE |
| 1:03.1 | for sure. |
| 1:04.4 | And here's what is going to start. |
| 1:05.7 | And these are the particular sovereign bonds we're going to buy. |
| 1:09.0 | He was still being evasive and he was still saying that, well, if the circumstances are |
| 1:15.4 | right, if we feel it's necessary, then maybe we'll do it. |
| 1:20.4 | There's no guarantees. |
... |
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