Fed cuts rates to zero, ramps up QE – Ep 548
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 17 March 2020
⏱️ 44 minutes
🧾️ Download transcript
Summary
There are no atheists in foxholes; there are no free-market capitalists in a recession. If we fought WWII with bailouts, like the way we’re fighting coronavirus, we’d be speaking German now.
Waiting in line for food and toilet paper does not mean business is booming. Neither is having full hospitals.
More records broken today as the Dow lost almost 3,000 points - the biggest single day point drop in history! Percentage-wise, it was the second biggest drop percentage in history, next to the stock market crash of 1987. For all the years of the Great Depression and WWII, the economy never saw a drop like this.
The stock market has never lost this much value this quickly. The whole rest of the world is now tapping into their savings, but we have nothing left to rely on other than a printing press.
Gold takes a hit as investors cover their losses, but still down only 2% on the year compared to the Dow down 32%. Gold is liquid, easy to sell, yet its barely down, even though so many people are desperate enough to sell it.
Trump “pleasantly surprised” Powell followed his orders after having his job threatened.
Oh, and banks no longer need reserves.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.3 | Last night, the Federal Reserve did exactly what I had been forecasting they would do |
| 0:13.7 | four years. |
| 0:15.6 | They slashed interest rates all the way down to zero, the biggest rate cut in a single |
| 0:22.0 | day in the history of the Fed, and they relaunched quantitative easing. |
| 0:27.0 | They announced an official $700 billion QE program, although in his emergency impromptu |
| 0:35.1 | press conference that followed that Sunday night rate cut, Powell was specifically asked |
| 0:42.0 | if this was now officially QE because he's denied it in the past, even though he was doing |
| 0:47.3 | it. |
| 0:48.3 | And again, Powell refused to admit that this is QE, and he basically said, well, you know, |
| 0:54.2 | I don't like to put labels on stuff. |
| 0:56.3 | Why not? |
| 0:57.3 | I mean, if the label is so good, if QE works so well when the Fed did it before, why is |
| 1:03.5 | it afraid to admit that they're doing it again? |
| 1:06.4 | I mean, the truth is the Fed has got to know that it didn't work, and they have no choice |
| 1:10.6 | but to do it again, so they just try to pretend it's something else by not calling it QE. |
| 1:16.1 | But you know, I never liked the name QE anyway. |
| 1:19.0 | I just like to call it what it is, monetizing the debt. |
| 1:22.6 | And that's exactly what he's doing. |
| 1:24.1 | In fact, today, this afternoon, the Fed announced another emergency $500 billion program. |
| 1:31.6 | I mean, they're just throwing these numbers out. |
| 1:33.9 | $500 billion here, $500 billion there. |
... |
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