You Know the Bubble’s About to Pop When Jim Cramer Gives Germany Economic Advice – Ep. 36
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 17 December 2014
⏱️ 25 minutes
🧾️ Download transcript
Summary
* Oil and Russia viewed to be at the epicenter of this week's market chaos
* Why is the oil price dropping? The market anticipates a drop in demand due to global recession
* Winding down of QE triggering market instability
* Economic data still pointing to weakness
* Russia raised interest rates to 17%
* Ruble crisis is a "dress rehearsal" for the dollar crisis
* Our currency crisis will be worse because of our debt
* Euro and Yen rallying
* This morning gold was up, down, ended up
* Volatility indicates changing trends
* A recession in the U.S. means QE4
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Transcript
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| 0:00.0 | The |
| 0:07.0 | market's went on a roller coaster ride today, the stock markets, the currency markets, |
| 0:14.6 | precious metals markets. |
| 0:16.4 | It seems like the oil market and the Russian market are at the epicenter of the chaos, |
| 0:22.3 | but I think people are missing a forest for the trees here. |
| 0:25.4 | I don't think this is simply about oil or simply about Russia. |
| 0:29.1 | I think there's a much broader meaning to what's going on. |
| 0:33.1 | And too many people are whistling past this graveyard when they wanted to dismiss all |
| 0:38.1 | this as being not a problem for the United States or, hey, this is all a blessing. |
| 0:44.5 | It's all about cheap oil and a boom for the US consumer. |
| 0:48.2 | As I've been saying, I think a lot more is going on. |
| 0:51.8 | It's not about the oil price going down and how that might affect Russia, a major exporter |
| 0:59.1 | of oil. |
| 1:01.2 | The key is why is the oil price dropping? |
| 1:05.2 | And it's not because there's such a huge glut of oil on the market right now based on |
| 1:10.2 | all the fracking. |
| 1:11.2 | I mean, I pointed out in a commentary that I just put up on the website that the addition |
| 1:16.8 | to global supply that resulted from North America fracking is relatively minimal. |
| 1:23.0 | I mean, it made a big difference domestically, but on the global scheme of things, it's |
| 1:27.9 | not that significant. |
| 1:29.3 | What's more significant is the market anticipating a big drop in demand due to global recession, |
| 1:36.7 | which would include the United States. |
... |
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