Fed’s QE “cure” is fatal to the economy – Ep 546
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 13 March 2020
⏱️ 44 minutes
🧾️ Download transcript
Summary
Fed’s cure will be worse than coronavirus and fatal for US economy. QE5 coming with more cheap money and artificially low interest rates. CNBC says this is nothing like 2008, but everything about it is like 2008.
Jim Cramer proposes the US government suspend collecting taxes, increase all spending — and print all the money needed to pay for it.
Short term noise and illiquidity affecting gold stock. Nothing is a safe-haven on a daily basis.
Bond vigilantes are waking up and the bond market is starting to blow up.
Bitcoin and crypto market crash. CNBC remains silent. The whole bitcoin narrative is blowing up.
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Transcript
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| 0:00.0 | The Peter Ships Show. |
| 0:07.0 | Well, today was a day for the record books, although the way the market is falling, it's |
| 0:13.9 | hard to say exactly how long today's record is going to stand. |
| 0:17.7 | But for now, today's 2,352 point decline in the Dow Jones is the single largest point drop |
| 0:28.1 | ever. |
| 0:29.1 | In fact, in percentage terms, today's 9.99% drop, let's call it 10%, is the biggest |
| 0:38.6 | single day percentage decline in the US stock market or in the Dow since the 1987 stock |
| 0:46.9 | market crash. |
| 0:48.5 | And in fact, today's 10% decline is the fourth largest percentage decline in the Dow Jones |
| 0:57.0 | in a single day ever. |
| 0:58.9 | We seem to keep breaking that record. |
| 1:01.1 | You know, this is the biggest one day decline in the Dow Jones since the stock market |
| 1:05.9 | crash of 1987. |
| 1:09.3 | The percentage decline was 9.99%. |
| 1:12.9 | So call it 10% in one day. |
| 1:16.1 | The S&P a little bit better, just down 9.5%. |
| 1:20.2 | Again, the weakest of the indexes is the Russell 2000 down just over 11%. |
| 1:26.6 | In one day, you know, this index is now down about 35% since its peak. |
| 1:32.9 | And remember, it peaked in the summer of 2018. |
| 1:37.4 | It never made a new high like the other indexes, which is why it looked the weakest to me. |
| 1:43.5 | But now not only has the Russell 2000 fallen below where it was when Trump was inaugurated, |
| 1:50.3 | it's now wiped out all the gains from three months prior to the date that Donald Trump |
... |
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