Switzerland Loses Currency War Swiss Win – Ep. 44
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 15 January 2015
⏱️ 17 minutes
🧾️ Download transcript
Summary
* The Swiss people have given up the inflation ghost to win the currency war
* Media reports negative on the news: "silly decision"
* Oil down against the Swiss Franc
* Swiss stocks up in U.S. dollars
* Wall Street expects Eurozone QE, but without Swiss, QE might be less likely
* Gold up against other currencies
* Franc surging in value against the dollar
* This move may signal economic reform
* Unfortunately Janet Yellen is not going to get this memo
* Volatility from Swiss move is nothing compared to consequences of a U.S. QE 4
* This move is bearish for the U.S. market
* Buckle up, it's going to be a bumpy ride
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Transcript
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| 0:00.0 | The Peter Sheph Show |
| 0:09.0 | In a surprise move that sent shockwaves throughout the foreign exchange markets to Swiss |
| 0:13.8 | national bank finally did something right. |
| 0:17.5 | They abandoned their 120 peg with the Euro. |
| 0:21.2 | They effectively surrendered into currency war. |
| 0:24.8 | And so the Swiss people are now victorious because they finally won because Switzerland |
| 0:30.6 | is giving up the inflation ghost, the debate your way to prosperity, the inflation at every |
| 0:37.4 | any cost. |
| 0:39.1 | This of course is the first good thing the Swiss central bank has done in a long time. |
| 0:45.1 | But if you listen to the media reports, it's like this is the dumbest thing they've done. |
| 0:50.6 | The most of the headlines have to do with the fact that this is bad for Switzerland because |
| 0:55.6 | now their currency is going to go up and it's going to hurt their exports and they're |
| 0:59.3 | going to have deflation. |
| 1:01.0 | Prices are going to go down. |
| 1:02.4 | In fact, oil prices are plunging for the Swiss now. |
| 1:06.0 | Gee, I really feel bad for the Swiss. |
| 1:08.6 | They get to spend so much, so many fewer francs to fill up their cars. |
| 1:14.9 | Nobody probably better epitomize this than Dennis Garment. |
| 1:18.0 | Nobody said it better or actually said it worse. |
| 1:20.7 | He said he described it as the stupidest thing he's ever seen in his career. |
| 1:25.6 | The stupidest thing anybody has ever done. |
| 1:27.6 | Dennis, you say that this decision is the Swiss central bank's decision is the single |
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