Losing “Patience” Does Not Mean the Fed has Lost Patience
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 19 March 2015
⏱️ 25 minutes
🧾️ Download transcript
Summary
* The Fed released long-awaited FOMC official statement
* Indicating they will be more patient without the word "patient" than when they were officially patient
* Why take the word away in the first place?
* The Fed wants to appear to be moving closer to a destination to which it has no intention of arriving
* The Fed is clearly more concerned about the economy today; they reduced growth estimates
* Janet Yellen said she will not raise rates until she sees improvement in the labor market
* The Fed not satisfied with 5-1/2% unemployment
* The jobs number is the outlier and will turn around
* Housing starts collapsed in February; biggest in 8 years
* Economic Surprise Index is most negative in memory
* It doesn't matter what the unemployment rate is; the Fed can't raise rates without creating a financial crisis worse than 2008
* The minute the Fed went down the path of QE, they sealed our fate
* There is now so much debt that we need QE more than ever
* The dollar had a huge rise in anticipation of rate hikes
* The Fed is more likely to launch QE4 than to raise interest rates
* The Fed is not going to raise interest rates until there is a currency crisis
* When the dollar turns, commodity prices will surge in all currencies
* The fact that the day of reckoning has been delayed with increased debt means a bigger payday for Euro Pacific Capital investment strategy
* It will be better to restructure and default on some of our debt that to deflate it away
* Understand the end game, ride it out and have the last laugh
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Transcript
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| 0:00.0 | about Peter Schiff show. |
| 0:07.0 | Hi, this is Peter Schiff. |
| 0:10.8 | It is Wednesday, March 18, 2015. |
| 0:15.6 | Earlier today, the Fed concluded its two-day policy meeting, the FOMC meeting, and released |
| 0:22.2 | its highly anticipated official statement. |
| 0:26.2 | And everybody was concerned or congested as to whether or not the Fed would remove |
| 0:32.2 | the word patience. |
| 0:34.0 | And remember, the word patience has been in there ever since the Fed removed the phrase |
| 0:39.0 | considerable time period with respect to when they would get around to raising rates, |
| 0:44.1 | something which I believe they have no intention of actually doing, but the last thing they're |
| 0:47.9 | going to do is admit that. |
| 0:49.4 | So they play these world games, they're going to wait a considerable period of time, they're |
| 0:53.9 | going to be patient, and now apparently they're not going to be patient because they did |
| 0:58.0 | remove the word patience. |
| 1:00.3 | Although the Fed went out of its way to say that they're going to be just as patient |
| 1:04.2 | without the word as they were with the word. |
| 1:06.3 | In fact, in her press conference following the release of this statement, Janet Yelling |
| 1:10.7 | said, just because we removed the word patience doesn't mean that we're impatient. |
| 1:17.0 | Well, what does it mean and why bother to remove it if it doesn't mean anything? |
| 1:21.7 | In fact, if you read the entirety of the Fed statement, the Fed is more dovish now than |
| 1:28.6 | it was before. |
| 1:29.8 | The Fed is more concerned about the U.S. economy today than it was when the word patience |
... |
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