Economic Alice in Wonderland – Ep. 322
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 26 January 2018
⏱️ 31 minutes
🧾️ Download transcript
Summary
I spent a lot of time today watching CNBC's coverage of the World Economic Forum in Davos. I feel like I'm in the Twilight Zone, or Alice in Wonderland or something like that. Everybody is so optimistic. At least all the Americans who are interviewed. I put up on my Facebook an analyst from Morgan Stanley Asset Management. She's unquestionably bullish on every front. Everything is bullish - there's nothing at all to worry about. In fact, the only thing that she said that everybody says there's nothing to worry about. Things are so good, they're wondering, "What are we missing? Maybe we should be a little worried that nobody is worried.
There Are So Many Things to Worry About
The reality is that there are so many things to worry about. They're not worried about any of these things. I watched an interview - Donald Trump did an interview with Joe Kernen on CNBC. Joe Kernen is like a schoolgirl with a crush. He seems so enamored by Donald Trump. He's basically kissing his ass on anything he has to say. Everybody has gone insane. I talked about this on Alex Jones. Alex Jones is saying, "Everything is great under Trump! Obama never had an economy that was going at 3%".
Evidence of "Roaring Economy"
Obama never managed to achieve 3% growth - as if Donald Trump has! But everybody believes that the economy is growing rapidly. In Donald Trump's speech today - I'm not making this stuff up - this is what he said: "We're experiencing a roaring economy. After years of stagnation, we finally have strong GDP growth. Finally, after waiting all these years, the economy is booming, thanks to Trump.
2017 GDP not Roaring
Everybody is eating this nonsense up. Everybody believes it, except none of it is true. We actually got the GDP numbers out today - not that I believe all the numbers we get from the government - they are overstating the real GDP growth because they are understating how much inflation really is - but the media generally accepts these numbers. Early this morning we got the actually GDP numbers. The economy in Q4 grew at 2.6%! Then, if you average the entire year, because President Trump has been president for pretty much all of 2017 - the economy grew at 2.3%. That's it! My bet is they're going to revise Q4 lower, so it will probably be lower than 2.3%.
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Transcript
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| 1:23.2 | I spent a lot of time today watching the coverage on CMBC of the world economic forum in Davos. |
| 1:32.2 | I feel like I'm in a twilight zone or Alice in Wonderland or something like that. |
| 1:37.0 | I mean, everybody is so optimistic. At least all the people that are interviewing all the |
| 1:41.6 | the Americans. I'm looking at this article. I put on my Facebook page this |
| 1:46.0 | of analysts from Morgan Stanley asset management. She's unquestionably bullish on every front. |
| 1:51.9 | I mean, everything is bullish. There's nothing at all to worry about. In fact, the only thing that |
| 1:56.8 | she said that anybody is worried about is that there's nothing to worry about. It's that things |
| 2:00.8 | are so good. They're wondering, what are we missing? Maybe we should be a little worried because |
... |
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