More QEs than Super Bowls – Ep 560
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 9 April 2020
⏱️ 58 minutes
🧾️ Download transcript
Summary
Government spending has to be paid in either taxation or inflation and we’re about to pay for it in spades.
Trump draining the whole country instead of just the swamp - will add more debt in 4 years than Bush did in 8.
Unemployed will stay unemployed for a long time.
We’re buying time before an explosive rise in gold prices.
You can’t outperform a bubble.
Betting against the economy is not the same as rooting against the economy.
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Transcript
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| 0:00.0 | The Peter Schiff Show. |
| 0:09.2 | Well it is Thursday, it is the end of a holiday short and weak and I certainly have a lot |
| 0:17.0 | to talk about. |
| 0:18.0 | A lot goes on in just two days. |
| 0:21.4 | I mean, first of all, this morning we were greeted to the news of basically a brand new |
| 0:28.4 | 2.3 trillion dollar QE program announced by the Fed. |
| 0:33.2 | It seems like every week we get multi trillion dollar QE programs that are bigger than the |
| 0:39.8 | programs that we had during the entirety of the period subsequent to the 2008 financial |
| 0:46.0 | crisis. |
| 0:47.0 | Yet the Fed is rolling these things out on a weekly basis. |
| 0:50.8 | And of course, you know, the market rallied as a result of the Fed promising another 2.3 trillion |
| 0:56.7 | dollars of money printing. |
| 0:59.8 | And the Fed is going to be using all of this freshly printed cash to buy all the trash. |
| 1:06.0 | Right? |
| 1:07.0 | They're going to be buying junk bonds and munibons and you name it. |
| 1:11.8 | If you can't sell it, the Fed is going to buy it from you. |
| 1:15.6 | And obviously, the reason the Fed is stepping up to buy these bonds is so nobody has to |
| 1:21.0 | sell them in the private sector to a legitimate buyer who will actually pay what the bonds |
| 1:27.7 | are worth. |
| 1:28.7 | You see, because nobody wants to write down these bonds. |
| 1:31.4 | Nobody wants to accept the mass of losses. |
| 1:34.4 | So in order to pretend that the losses don't exist, the Federal Reserve is going to bail |
... |
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