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The Peter Schiff Show Podcast

Markets Can’t Ignore Exploding Trade Deficits Forever – Ep 745

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.75.8K Ratings

🗓️ 29 October 2021

⏱️ 45 minutes

🧾️ Download transcript

Summary




* US dollar would tank if traders understood implications of economic data.
* Trade deficit continues to break records month after month.
* Strong economies have trade surpluses; we have a bubble economy.
* We’re only consuming and importing because we’re printing a currency the world still values.
* Massive trade deficits aren’t a problem until they’re a crisis.
* Government pretends rights are privileges so it can tax them.
* Moral hazard and rampant fraud will ramp up childcare costs under new Biden plan.





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Transcript

Click on a timestamp to play from that location

0:00.0

The Petership Show.

0:09.0

Today's episode of the Petership Podcast is sponsored by NetSuite, the business management

0:14.7

software that handles every aspect of your business in an easy-to-use cloud platform.

0:20.7

NetSuite is offering a one-of-a-kind financing program only for those ready to switch today.

0:26.1

Go to NetSuite.com slash gold.

0:29.3

All of the major stock market indexes finish the day with strong gains.

0:34.4

Although this time it was the NASDAQ that made a new all-time record high, of course stock

0:39.7

traders completely oblivious to the bad news, or maybe even if they're not oblivious

0:45.3

to it, they don't care about it.

0:47.7

At least the foreign exchange markets cared a little bit.

0:50.7

The US dollar index, I think, finished at about a six-week low today, closed around 93,

0:56.7

spot, 3-7.

0:58.2

Although if foreign currency traders were really paying attention to the economic news or understood

1:04.5

the implications, the US dollar would be a lot lower.

1:07.9

In fact, the US dollar would have gotten killed yesterday if traders understood the implications

1:15.2

of the data.

1:16.2

In fact, if they acted the way traders used to act to the very data points back in the 1980s

1:24.5

or even in the first half of the 1990s when economic fundamentals played a much bigger

1:32.0

role.

1:33.0

Because once Alan Greenspan really began to actively involve himself in the markets.

1:40.7

Of course, that started in the late 1980s after the 87 stock market crash, but it really

1:47.1

kicked in during the bubble days of the irrational exuberance of the latter part of the 1990s.

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