The Inflation Monster May Devastate Japan First – Ep 801
The Peter Schiff Show Podcast
Peter Schiff
4.7 • 5.8K Ratings
🗓️ 20 April 2022
⏱️ 40 minutes
🧾️ Download transcript
Summary
· Incomes are collapsing at an unprecedented rate.
· We're probably in a bear market that will last at least a decade.
· Slow motion disaster is playing out in Japan.
· Sanctions may end up benefiting Russia.
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Transcript
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| 0:00.0 | The Peter Ships Show |
| 0:09.0 | Today's podcast is sponsored by Indeed. Indeed makes it easy to connect with your applicants |
| 0:13.9 | no need to install anything extra. Indeed's virtual interviews work from your own browser. |
| 0:19.5 | So start hiring right now with a $75 sponsor job credit to upgrade your job post at indeed.com |
| 0:25.9 | slash Peter offer valid through April 30th. I'm recording this podcast on Tuesday after the |
| 0:33.9 | markets have closed for trading and earlier today the yield on the 30 year US Treasury got above |
| 0:40.9 | 3% for the first time since April of 2019. Now we didn't close above 3%. We closed at 2 spot |
| 0:50.7 | 9.9. The intraday high was 3.018. Now the 10 year didn't make it up to 3%. But it closed above 2.9%. |
| 1:01.2 | This is the high for this move where 2 spot 913 on the 10 year. By the way the yield curve is not |
| 1:09.9 | inverted anymore. The further out you go the higher yields are although the separation is still |
| 1:17.2 | very narrow and though I have been talking about the inversions of these yield curves and have |
| 1:23.4 | speculated that we may actually get a complete inversion all the way from the 2s to the 30s. We haven't |
| 1:29.9 | had that yet and if it does happen I think it's an aberration I think it's a head fake because the only |
| 1:36.7 | reason we don't have a much bigger positive slope in the yield curve is because everybody believes |
| 1:44.2 | that we're headed for recession. Recession means that not only will the Fed slash interest rates |
| 1:50.3 | but that it also means an end to inflation the market has this completely wrong. As a matter of fact |
| 1:57.1 | the last time 30 year Treasury yields were at 3% which again was April in 2019. If you look at what |
| 2:07.0 | the inflation rate was the year over year increase in CPI it was 1.8%. So that means when 30 year |
| 2:17.2 | Treasury yields were 3% you at least got a 1.2% real yield above the current 12 month year over |
| 2:26.6 | year inflation rate and also by the way inflation was trending down because earlier in the year and |
| 2:33.7 | later in 2018 we had inflation prints year over year that were north of 2% so inflation was |
| 2:40.7 | already coming down when yields were above 3%. Fast forward to today when we finally have 3% 30 year |
... |
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