SchiffRadio Podcast Episode 17
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 12 November 2014
⏱️ 10 minutes
🧾️ Download transcript
Summary
Episode 17 Synopsis
* Japanese yen fell to 7-year low
* A result of Abenomics
* Speculation that planned increase of sales will be delayed
* price moving with strength of dollar
* Chinese Yuan up vs Yen and euro
* Next few months may expose Fed's false narrativ
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Transcript
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| 0:00.0 | The Peter Shep Show |
| 0:09.6 | Well the Japanese yen just fell to a new 7 year low relative to the US dollar. |
| 0:16.7 | It's now about 116 yen the dollar. |
| 0:20.5 | The yen peaked out at about 80 to the dollar before it began this rather significant reversal. |
| 0:28.9 | All as a result of obinomics, the idea that you can stimulate your economy by creating |
| 0:36.0 | inflation. |
| 0:37.0 | In fact, the Japanese have created quite a bit of inflation whether they want to acknowledge |
| 0:41.6 | it or not. |
| 0:42.6 | Yet they are continuing to put the monetary pedal to the metal. |
| 0:47.4 | The news last night that pushed the currency to a new low was the speculation that the |
| 0:53.5 | planned increase in the sales tax might be delayed. |
| 0:58.6 | That was part of obinomics was increasing the sales tax back in April they increased |
| 1:03.8 | the national sales tax from 5% to 8%. |
| 1:08.0 | There's another 2% increase scheduled for later next year to bring the tax to 10%. |
| 1:15.2 | That second phase, the second part of the increase, is now in question as to it being |
| 1:21.5 | delayed. |
| 1:22.5 | Why do they want to delay the increase in the sales tax? |
| 1:27.1 | Because the economy is not nearly as strong as they had hoped and obin's popularity just |
| 1:33.4 | hit a new record low. |
| 1:36.7 | You see, the whole idea was that they would create all this demand by causing prices |
| 1:43.4 | to rise and therefore the economy would be strong enough to withstand the higher sales |
| 1:49.6 | tax because of course the government in Japan needs the revenue because it has always |
... |
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