SNB Takes Snap From The Fed And Markets Run With The Ball – Ep. 38
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 19 December 2014
⏱️ 23 minutes
🧾️ Download transcript
Summary
* Negative deposit rates in Switzerland send U.S. stocks up 420 points.
* Two-day Wall Street rally over 700 points on nothing but Central Bank inflation
* Swiss move triggers QE speculation and higher gold prices
* Janet Yellen merely suggested the economy is strong enough to raise rates in the future
* Meanwhile, economy is slowest since last February
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Transcript
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| 0:00.0 | about Peter Schiff's show. |
| 0:09.0 | Well following yesterday's 280 point rally in the Dow Jones, which was the result of |
| 0:16.6 | the pep talk given by the cheerleader in chief, the head of the central bank Janet Yellen. |
| 0:23.9 | She passed her baton over to the Swiss national bank, which gave the party boys another present |
| 0:31.2 | in negative deposit rates in Switzerland. |
| 0:35.4 | Not for the mom and pops who opened up a pass put bank account. |
| 0:38.7 | They'll just have to suffer zero percent interest rates and a declining purchasing power |
| 0:45.0 | as their Swiss francs have been converted into euros. |
| 0:48.6 | And for larger deposits, they're going to be charged 25 basis points. |
| 0:53.8 | So you've got a negative point to five percent interest rate in Switzerland. |
| 0:59.0 | And that was enough to send the Swiss franc and the euro lower. |
| 1:02.8 | And US stock surging a 420 point rocket ship ride in the Dow, the Nasdaq got better than |
| 1:10.2 | 100 points. |
| 1:11.6 | You know, this two day rally is over 700 points on nothing but central bank inflation first |
| 1:19.0 | from the Fed and then from the bank of Switzerland. |
| 1:24.3 | You know, this move by Switzerland, I think is already back fired in that by moving the |
| 1:31.8 | deposit rate into negative territory, traders are already speculating that the Swiss must |
| 1:38.0 | know that European QE is coming next year and they're trying to prepare for it by making |
| 1:43.7 | the Frank as unattractive as possible. |
| 1:46.4 | So people fleeing the euro won't buy the Swiss franc. |
| 1:49.8 | They'll buy the dollar instead or maybe gold. |
| 1:53.2 | Gold prices did surge better than 2 percent in Swiss franc terms today. |
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