Fed To Go All-In On No-Limit QE – Ep 575
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 19 May 2020
⏱️ 50 minutes
🧾️ Download transcript
Summary
Printing money doesn’t solve economic problems, it compounds them.
Powell admits there is no limit to the amount of inflation the Fed will create.
Gold stocks make new highs for the year.
Another big jump for the price of silver.
Best way for some to buy gold right now is with silver.
Government borrowing half of the money it spends.
Most of the world’s currencies at all-time records lows against gold.
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Transcript
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| 0:00.0 | The Painter's Ship Show. |
| 0:07.0 | Well, yesterday I didn't get a chance to do a podcast, but we actually had a 1000 point |
| 0:15.6 | rise in the Dow Jones. |
| 0:18.2 | In fact, some of the other indexes, Russell 2000, I think was up 5% or 6%, so we had a really, |
| 0:24.4 | really big gain. |
| 0:27.7 | The catalyst for the move seemed to be the announcement by a small biotech company that |
| 0:35.1 | they had a vaccine for COVID-19, that they saw some promising results in their phase |
| 0:42.4 | one trials. |
| 0:44.3 | As a result of that announcement, which happened before the stock market opened, we immediately |
| 0:49.8 | saw a 200 point Dow rally turned into a 700-800 point rally, even before the open, and we |
| 0:57.6 | ended up with a 1000 point rally. |
| 1:00.2 | Now, first of all, a preliminary results in phase one really amounts to nothing. |
| 1:08.4 | I mean, maybe it's possible that this vaccine could ultimately work, who knows, but from |
| 1:15.6 | my experience with biotech companies bringing drugs through the various FDA phases, that |
| 1:23.4 | to vast majority of the ones that actually make it through phase one, this one hasn't |
| 1:28.2 | even done that yet. |
| 1:29.7 | But most of the ones that get through phase one don't even make it to phase two, let alone |
| 1:34.2 | phase three, and then end up becoming a viable drug that's on the market. |
| 1:40.7 | This thing is a long way from actually becoming a vaccine, but on the mere hope that maybe |
| 1:47.5 | this could be a vaccine, we had this big rally in the market. |
| 1:51.7 | You know what happened this morning, or yesterday rather, after the close, the company that |
| 1:56.4 | has this vaccine announced a major share issuance. |
... |
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