Greece is a Sideshow. U.S. is the Main Event – Ep.89
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 23 June 2015
⏱️ 14 minutes
🧾️ Download transcript
Summary
* It looks like there is going to be some kind of deal to avoid the "Grexit"
* Greek's exit would be great for Europe, but it would not be politically attractive for either side
* As long as Greece stays in the Eurozone, the Greek government can continue to blame Germany or Brussels for their problems
* So-called austerity will continue without any haircut to the debt
* The same is true for cuts to government spending
* The Greek government may increase taxes and/or adjust the retirement age for pension, but no government spending cuts are on the table
* Tax increases will provide more incentive for tax evasion or avoidance by leaving the country
* All talks are re-arranging deck chairs on the Titanic - extend and pretend
* The markets are higher - the euro down big
* The market is anticipating more cheap money, which would be threatened by a Grexit
* In an ideal world, if Greece were to leave the Eurozone and set themselves up as a bastion of free market capitalism, then they could come back strong
* Given the electorate, this move is unlikely
* Socialism only works in Greece as long as they have another country's money
* The sell-off in gold based on the Fed's dovish statements last week
* The Fed will only raise interest rates nominally in order to keep the market from balance sheet expansion stimulus into its calculations
* Good news from housing numbers - a surge in the Northeast
* Mortgage rates have been rising, although still low. Some buyers are worried about higher rates
* Higher rates, however would price buyers out of the market
* Monday Chicago Fed National Activity Index came in at -.17, continuing a downtrend consistent with a recession
* May Durable Goods down 1.8% three times lower than expectations
* X transportation met recently reduced expectations
* Durable goods has missed for 5 out of the last 7 moths
* Chicago PMI Manufacturing weaker than expected decrease to 53.4 - now at the lowest level since October 2013
* Manufacturing and production data sis weak - housing numbers are getting a boost from interest rate expectations
* Home ownership rate continues to fall
* Rents are rising
Our Sponsors: * Check out Chilipad and use my code sleep.me/GOLD for a great deal: https://sleep.me * Check out DBJourney and use my code Schiff15 for a great deal: https://dbjourney.com * Check out Fast Growing Trees and use my code GOLD for a great deal: https://www.fast-growing-trees.com * Check out Plaud AI and use my code GOLD for a great deal: https://plaud.ai * Check out Quince and use my code quince.com/gold for a great deal: https://www.quince.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com * Check out TruDiagnostic and use my code GOLD20 for a great deal: https://www.trudiagnostic.com Privacy & Opt-Out: https://redcircle.com/privacy
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Well, it looks like there is going to be some kind of a deal with Greece to avoid the |
| 0:15.1 | Greggs it, where Greece exists the Eurozone, bandens the Euro currency for some kind of |
| 0:22.5 | resurrected form of the Drakma and of course defaults on debt. |
| 0:27.6 | Now I've said many times that that's probably the best thing to happen to Europe is to |
| 0:32.6 | kick out the weakest link in the chain, but I also didn't think that was going to happen |
| 0:37.9 | because I didn't believe politically that there would be the motivation to do that either |
| 0:42.6 | in Europe or in Greece. |
| 0:44.2 | And if you remember of course the current Greek government got elected by promising to |
| 0:48.7 | bring an end to austerity, and I said at the time that they're not going to do that because |
| 0:53.4 | if they actually left the Eurozone then the economic problems would get worse and the |
| 1:00.0 | Greeks would have no one to blame but the current government. |
| 1:03.3 | As long as they stay in the Eurozone they can continue to blame Brussels or Germany for |
| 1:10.0 | their problems and that's exactly what they've done. |
| 1:13.8 | The austerity or the so-called austerity is going to continue. |
| 1:18.4 | We don't know all the details, the specific details of this deal. |
| 1:22.0 | Who knows maybe it won't even come to fruition but the markets are certainly acting as if |
| 1:26.5 | it will but it doesn't involve any haircuts, any additional haircuts on Greek debt. |
| 1:31.9 | The Greeks still have to repay in theory the money that they borrowed and the austerity |
| 1:36.4 | is still there at least as it's been described. |
| 1:39.8 | Now there are no significant cuts or maybe even any actual cuts to government spending. |
| 1:44.9 | I think what I've read is that Greek taxpayers will have to contribute more towards their |
| 1:50.2 | own pensions but that might be scored as a tax hike more than a spending cut because |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Peter Schiff, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Peter Schiff and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.