Yellen Basically Admits The U.S. Is A Banana Republic – Ep.189
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 27 August 2016
⏱️ 34 minutes
🧾️ Download transcript
Summary
* Earlier today Janet Yellen delivered her much-anticipated and way over-hyped speech at the annual Jackson Hole Symposium
* It wasn't as irrelevant as I thought it was going to be, but the actual relevant part of the speech was lost on just about everybody
* Instead they keep focusing on whether or not the Fed is going to raise rates by another .25 in September or December or maybe both
* In reality, whether they do or do not is irrelevant, given the nature of where we are and where the U.S. economy actually is
* For a small person, Janet Yellen certainly casts a large shadow over the financial markets
* Everybody was on pins and needles, all the traders were there with their fingers on the buttons waiting to react to anything that Yellen said
* I mentioned on an earlier podcast that there had already been a sell-off on gold stocks a couple of days ago on the anticipation of Yellen's hawkish comments
* The rest of the market seemed to ignore the possibility that Yellen would be a hawk
* Before I discuss what she said, I want to examine whether anyone on the committee could be considered a hawk
* A hawk is predatory; is to be feared, reflecting a tough central banker who believes in sound money
* On the other hand, a dove is cute and fluff; doesn't really hurt anybody
* A dove wants cheap money - keep interests low so as not to harm anybody - nothing to fear
* When it comes to hawks with respect to the Federal Reserve, the bird is extinct
* They are all doves and the only difference is the degree of dovishness
* The hawks are gone and are probably never coming back
* Yellen was not a hawk, and neither was Stan Fischer
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Transcript
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| 0:00.0 | Well, earlier today Janet Yellen delivered her much anticipated and way overhyped speech |
| 0:17.3 | at the annual Jackson Hole symposium. |
| 0:20.6 | Now it wasn't as completely irrelevant as I thought it was going to be, but the actual |
| 0:25.6 | relevant part of the speech was lost on just about everybody. |
| 0:29.2 | Instead, they keep focusing on the irrelevant aspect of whether or not the Fed is going |
| 0:33.6 | to raise rates by another quarter point in September or December or maybe both. |
| 0:40.3 | In reality, whether they do or they do not really is irrelevant given the nature of where |
| 0:45.2 | we are and what the Fed is likely going to do and where the US economy actually is. |
| 0:50.6 | You know, also today probably more important today was my sons or is my son's birthday. |
| 0:56.4 | My older son Spencer, I talk about him a lot on his podcast, usually when I'm poking |
| 1:00.8 | fun at the public school that he attends. |
| 1:04.8 | But he's turning, he turned 14 today and I know he listens to the podcast. |
| 1:09.5 | So let me just take an opportunity of wishing him happy birthday yet again. |
| 1:13.3 | And you know, my son is not the only teen who listens to this podcast. |
| 1:17.4 | I do get emails from time to time from other teens. |
| 1:22.1 | And you know, so that's hopeful for the future. |
| 1:25.0 | He is at least learning because he listens to me and he reads some of the stuff that I write |
| 1:30.4 | and this podcast. |
| 1:31.4 | So again, happy birthday Spencer. |
| 1:33.1 | But let me move forward to the events of today. |
| 1:35.8 | And you know, for a small person, Janet Yellen is very diminutive in her stature, but she |
| 1:42.5 | certainly casts an enormous shadow over the financial markets. |
... |
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