It’s Time to Worry About the Debt When the Fed’s Not – Ep 568
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 30 April 2020
⏱️ 50 minutes
🧾️ Download transcript
Summary
Markets ignoring more bad economic data.
Jerome Powell flashes the green light to buy gold.
US considers suing China and defaulting on debt.
Money supply surges by a third of a trillion dollars in a week.
Major housing real estate disaster before us.
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Transcript
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| 0:00.0 | The Peter Ships Show. |
| 0:09.0 | Well today was the final trading day of April and I think it's going to go down into the |
| 0:15.9 | record books as the best month for the US stock market since 1987. |
| 0:24.2 | And of course that was a recovery from the stock market crash in 1987 and we had a bounce |
| 0:32.5 | back from a similar decline not on one day but on multiple back-to-back days. |
| 0:39.2 | We had that big drop in the US stock market. |
| 0:42.0 | The most rapid descent from record highs to bear market territory in history and we had |
| 0:49.9 | a relief rally inspired by the Federal Reserve and in fact the rally took place against the |
| 0:58.5 | backdrop of probably some of the worst economic data that we've ever had. |
| 1:03.8 | The data that came out in April although it's probably not as bad as what we're going |
| 1:07.8 | to get in May and maybe even June. |
| 1:10.8 | I mean the markets know that we're going to get a lot of bad economic data and we got bad |
| 1:15.9 | economic data again the last couple of days. |
| 1:18.4 | I'm going to get into some of that data now. |
| 1:20.7 | Of course it was worse than expected even though they were expecting bad news. |
| 1:24.8 | It exceeded expectations basically how bad it was. |
| 1:29.9 | But the market rallied anyway of course it's all about the Fed and in fact the Fed fueled |
| 1:35.2 | the rally yesterday. |
| 1:38.6 | Jerome Powell gave a Zoom press conference. |
| 1:41.8 | I thought that was kind of a bit comical watching all the little boxes as the reporters |
| 1:49.3 | were asking questions. |
| 1:50.9 | Of course nobody is actually allowed to ask a legitimate question. |
... |
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