The Stock Market Needs the Fed More Than Gold – Ep 614
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 24 September 2020
⏱️ 53 minutes
🧾️ Download transcript
Summary
Bubble stocks more bubblicious.
Monetary stimulus only stimulates inflation.
Daymond John wants the government to print more money.
It’s not an L-Shape or V-Shape recovery, because it’s not a recovery.
Too much can kicking has made the can too big.
Democrats throwing stones from their glass house.
Wells Fargo CEO shamed by race baiting mob for telling the truth.
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Transcript
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| 0:00.0 | The Mark has got clobbered again today. |
| 0:11.9 | Pretty much everything was lower with the loan exception of the US dollar. |
| 0:16.2 | You know, US dollar index is back above 94. |
| 0:19.9 | We're about 94.40 and remember, not too long ago, we actually traded below 92 in the US |
| 0:27.3 | dollar. |
| 0:28.3 | Although our member was around 91.75 and since then, we've had a pretty decent counter-trend |
| 0:34.9 | rally. |
| 0:35.9 | In fact, even the Japanese yen, which typically rises when people are looking for save havens, |
| 0:42.1 | even the yen was down today as people were buying the dollar. |
| 0:46.2 | You know, not even the bond market managed to rally in the face of a very weak stock market |
| 0:52.9 | and a strong dollar. |
| 0:54.4 | I mean, normally when you get another major drop in the risk assets, people typically |
| 1:00.9 | seek out the save haven assets, which a lot of people falsely consider US treasuries to |
| 1:08.0 | be. |
| 1:09.7 | And the fact that they're wrong is in material. |
| 1:13.2 | What's important is that a lot of people have made this mistake and have gone into the |
| 1:17.9 | market. |
| 1:18.9 | It comes as self perpetuating spiral, except it didn't spiral at all today. |
| 1:24.8 | Now the bond market wasn't down substantially. |
| 1:27.2 | He yields only backed up a little bit. |
| 1:30.1 | But what's significant is not that bonds didn't fall substantially. |
| 1:34.6 | It's that they failed to rise at all, which is what you would expect on a weekday in |
... |
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