SchiffRadio Podcast Episode 21
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 19 November 2014
⏱️ 26 minutes
🧾️ Download transcript
Summary
* Investors & Economists shocked to learn that Japan is officially in recession
* Instead of a 2.1 rebound, there were back to back declines - a huge miss.
* Economists cry "More Stimulus!"
* Abe admits rising prices hurt the economy, contrary to inflation "Goal"
* The theory that rising prices stimulate the economy is proving wrong in Japan, Russia and the U.S.
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Transcript
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| 0:00.0 | Well investors and economists were shocked to learn that Japan has now slipped back officially |
| 0:17.8 | into recession. |
| 0:19.8 | We just got the third quarter GDP numbers. |
| 0:23.0 | And everybody was anticipating a rebound from the 7.1 percent decline in the second quarter |
| 0:31.3 | GDP. |
| 0:32.5 | But instead of a 2.1 percent rebound, we had a 1.6 percent decline back to back declines |
| 0:42.5 | in Japanese GDP. |
| 0:45.0 | And the miss was huge. |
| 0:46.0 | Right? |
| 0:47.0 | They're looking for a positive 2.1 and they get negative 1.6. |
| 0:50.0 | I mean, how wrong could you be? |
| 0:54.4 | But instead of looking at this recession, now the triple dip for Japan, instead of looking |
| 1:03.7 | at the recession as an indication that obanomics has failed, the cries are for more stimulus. |
| 1:10.8 | Listen to this. |
| 1:12.6 | Here's a headline from a CNBC article, more stimulus coming after Japan GDP shocker. |
| 1:18.8 | Why doesn't anybody think that maybe the reason for the double dip or the triple dip or |
| 1:25.2 | this recession, maybe it's because obanomics doesn't work, doesn't the recession prove? |
| 1:32.4 | The monetary and fiscal policy of Abe was designed to stimulate the Japanese economy. |
| 1:37.9 | Instead, it pushed into the recession. |
| 1:40.9 | Doesn't that give you an indication that it's not successful? |
| 1:44.4 | In fact, it's not just that obanomics doesn't work. |
| 1:47.6 | I believe obanomics is the reason for the recession. |
... |
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