Friday, February 10, 2017

Peter Schiff Warns : Crisis Coming and Trump Will Be Blamed

Peter Schiff on CNBC World 7/7/2017












Transcript : ok let's get our next guest in that 0:02 leadership CEO of euro pacific capital 0:04 he doing this from toronto in Puerto 0:07 Rico and peter schiff of course that for 0:09 the predicted the financial crisis as 0:11 far back as 2006 appear to have you on 0:13 the show I'd love to get your comment 0:15 here about department there again just 0:17 read the quote here it's saying that if 0:19 things go wrong we could find ourselves 0:21 at the beginning beginning of a lengthy 0:23 decline and dollar had the money and a 0:25 rapid rise in interest rates and 0:27 inflation and global banks I mean you 0:29 agree 0:30 well it's going to happen regardless 0:34 whether things go right or wrong I think 0:35 it's inevitable at this point so it's 0:37 not a question of will that happen it's 0:40 just a question of when it's a question 0:43 of when ok let's talk about the trade 0:45 deficit very quickly because even 0:47 numbers that you know don't don't get a 0:48 whole lot of attention usually but this 0:51 year because of the focus on the trade 0:53 deficit from the Trump administration a 0:54 lot of people paying attention to it the 0:56 trade balance negative for the 41st year 0:59 in a row 1:00 how effective do you think that Donald 1:02 Trump policy will be in narrowing that 1:04 gap s 1:08 well so far not always sure what the 1:10 policy is going to be I don't think that 1:13 terrorists are necessarily going to do 1:16 it i think what the problem is that 1:19 America you know we don't save and often 1:21 so we don't have the capital available 1:23 to make the investments that are 1:24 necessary to finance production our 1:27 taxes are too high or regular that the 1:29 regulations are too many so we need 1:31 substantial deregulation we need lower 1:33 taxes but in order to finance that we 1:35 need a smaller government so major 1:37 reforms have to take place you know 1:39 meanwhile the trade depth that we had 1:40 last year was the largest I think it's 1:42 for years it's over 500 billion dollars 1:45 and there are a lot of people out there 1:47 that don't think a trade deficit is a 1:48 bad thing because they think the trade 1:50 deficit is enabling a capital account 1:52 surplus but a capital account surplus is 1:55 not a good thing it means you're selling 1:57 off your assets are going into debt and 2:00 your trading partners are accumulating 2:01 asked that's in exchange for the 2:04 products they sell you so you don't want 2:06 to go into debt you don't want to be 2:07 obligated to pay interest and dividends 2:09 to your trading partners you want to run 2:12 a surplus and you want to get richer you 2:14 want to accumulate assets but we're not 2:16 doing that and I don't think that we're 2:18 going to achieve a meaningful reduction 2:20 in our trade deficits simply by 2:22 negotiating better deals we have to get 2:25 to the real heart of why America is so 2:27 uncompetitive and it's yet to be seen 2:29 whether the Trump administration is 2:31 actually going to be able to achieve 2:32 that net and I wanted to get your 2:35 thinking on the trading dynamics right 2:37 now we've gotta start getting a record 2:39 tonight do you think that investors are 2:42 placing too much of the best on Trump's 2:45 policies in this expansion real physical 2:47 agenda 2:49 yes I do and I think they're overlooking 2:53 the contractionary impact of rising 2:56 interest rates not necessarily just a 2:58 red the rates of the Fed controls but 3:00 look at what happened to the long end of 3:02 the bond market since Trump was elected 3:04 and even though you know we did get that 3:06 big reaction in the market at the end of 3:09 last year so far this year in 2017 the 3:12 that was not making much in the way of 3:14 games that's up maybe another one 3:16 percent but nobody no one is talking 3:18 about boulders up seven percent so far 3:20 in 2017 you know there's a gdxj is an 3:24 index of junior gold mining stocks it's 3:26 up 3:27 thirty-three percent this year just as 3:30 january first and meanwhile the dollar 3:32 is starting to go down it hasn't gone 3:35 down to that much yet against the euro 3:37 but you look at the australian dollar i 3:39 think it's up six percent or so this 3:41 year against the US dollar but i think 3:43 the dollar starting to roll over 3:45 gold was breaking out gold stocks are 3:47 really started to move so i think most 3:49 investors are missing what's really 3:50 going on up because they are fixated on 3:53 the doubt the emerging markets are 3:54 starting to starting to improve and I 3:57 think those trends will continue 3:58 throughout the year and anyone who knows 4:00 that shift stick to take anyone in his 4:03 village really closely knows you're an 4:05 absolute gold bola in the core of your 4:07 heart and tell me how do you think the 4:09 Fed responsibility to this expansion 4:11 real physical agenda especially at the 4:13 peak of the cycle is well teta we're 4:15 getting the stimulus at a time when we 4:17 don't really need it 4:21 well we never needed stimulus because 4:23 this stimulus is actually a sedative 4:25 everything the Federal Reserve did to 4:27 stimulate the economy undermine the 4:29 economy that's the reason that Donald 4:31 Trump is president because all the 4:33 stimulus made the economy so sick me 4:36 what we need to stimulate is not stock 4:38 prices are real estate prices or bond 4:40 prices but real economic growth and that 4:42 comes from under product consumption 4:44 from savings from capital investment and 4:47 that comes from higher interest rates 4:49 that's what we needed all along with 4:51 higher interest rates but we got a 4:52 monetary heroin instead and so the 4:55 economy never got healthy it's sicker 4:57 than ever and that is the problem and i 4:59 do believe that the Federal Reserve is 5:01 going to ignore rising inflation as that 5:04 manifest and consumer prices i don't 5:06 believe that that will be the case on 5:08 the other side of the Atlantic I think 5:09 that will be enough pressure from the 5:11 Bundesbank on the ECB that they're going 5:14 to have to take away some of their 5:15 stimulus just as the Fed is adding so I 5:18 think you're going to see tighter 5:19 monetary policy in Europe and you're 5:21 gonna get looser monetary policy in the 5:23 u.s. because the Fed is going to try to 5:25 artificially prop up the economy as it 5:28 weekends with uh eventually dialing back 5:31 to rate high talk eventually cutting 5:33 rates and going back to Cuba for none of 5:35 this is going to work but it is going to 5:37 accelerate the decline of the dollar and 5:40 you know bring about the the problems 5:43 that the hedge fund manager alluded to 5:45 with respect to what would happen if 5:47 things go wrong because there's no other 5:49 way that they could go but wrong 5:51 okay and also just wanted to ask you 5:54 about the topic du jour Akiko and I were 5:57 talking about this earlier which is 5:58 under dodd-frank are you concerned about 6:01 the ambiguity surrounding the plan to 6:05 scale back dodd-frank and what does it 6:06 present when it comes to risk in your 6:09 view 6:12 well dodd-frank was a bad idea I mean 6:15 look at it was named after Chris Dodd 6:17 and barney frank two of the most 6:18 influential members of Congress that 6:21 helped to create the financial crisis 6:23 because they protected fannie mae and 6:25 freddie mac and they resisted all 6:27 efforts to rein them in the financial 6:29 crisis was not caused by a lack of 6:31 regulation but by the central bank by 6:34 alan greenspan keeping rates too low and 6:36 by the moral hazards of a fannie and 6:39 freddie and government-guaranteed bank 6:40 accounts oh god Frank did nothing to 6:43 mitigate the prospects for future 6:45 financial crisis of anything it is 6:48 accelerated them because what we needed 6:50 to do in the aftermath of the 2008 6:53 crisis was to take power away from the 6:55 Fed in the government instead they got 6:57 more but what scares me is to the extent 7:00 that we do manage to roll back some of 7:02 the regulation that never should have 7:03 been enacted and when the inevitable 7:05 financial crisis hits to the extent that 7:08 happens after this deregulation I can 7:11 already hear the left now blaming the 7:13 crisis on that deregulation that crisis 7:16 is inevitable it's going to happen 7:17 whether we get rid of dodd-frank or not 7:20 but it was bad legislation and we should 7:22 get rid of it but when we do it is not 7:25 going to be the reason that we have 7:26 another financial crisis the reason is 7:28 is going to be the Fed the same the same 7:30 reason that we had the first one is why 7:33 the second one is good even worse and 7:35 Peter you said that investors are sort 7:37 of missing the bigger picture here 7:39 they're so fixated on the dell and that 7:41 level there you mentioned emerging 7:44 markets as a potential spacer where are 7:46 you seeing the opportunities outside of 7:47 the US 7:51 yeah i mean they're happening in many 7:53 countries just like if you remember when 7:55 a bill clinton was president and when 7:58 his president he ended and george bush 8:01 came in there was a lot of optimism that 8:03 the rally in the US stock market would 8:05 continue that the strength of the dollar 8:07 would continue and instead everything 8:09 reversed if you remember the emerging 8:12 markets had a lot of difficulties in the 8:14 late nineteen nineties with the asian 8:16 economic meltdown in 97 and there are a 8:19 lot of things happening outside the 8:20 united states so emerging markets really 8:22 got beat up 8:23 I also in in South America or Latin 8:25 America but that all changed 2001 as the 8:28 US stock market went down money started 8:31 to flow back into those areas and people 8:33 made a lot of money in emerging markets 8:35 and commodities in precious metals you 8:37 in oil and agriculture and I think the 8:40 same dynamics are lining up again 8:42 only I think that President Trump has 8:45 inherited a much bigger bubble up from 8:47 Obama than the one that Bush inherited 8:50 from clinton and so I think that dollars 8:52 gone a lot lower this time and I think 8:54 commodity prices could go a lot higher 8:56 so there's a much more bigger profit 8:58 potential now I then there was back then 9:00 in the right markets ok feet are gonna 9:03 have to leave it on that no it's always 9:05 good to get your insights peter schiff 9:06 joining us from euro pacific capital






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“Control oil and you control nations; control food and you control the people.” Henry Kissinger


once a standing army is established, in any country, the people lose their liberty.”
George Mason

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Henry Kissinger

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Henry Kissinger

"We don't let them have ideas. Why would we let them have guns?" Joseph Stalin

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Joseph Stalin

Governments keep a lot of secrets from their people . . .
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PHILIP ZIMMERMAN, DER SPIEGEL

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Rabbi Stephen Weiss

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Jewish Voice, July - August 1941

Taxing People is Punishing Success
UNKNOWN

There's the rich, the poor, and the tax payers...also known as the middle class. Robert Kiyosaki

The Tax you pay is The Bill for Staying Stupid

Stefan Molyneux


“The modern banking system manufactures money out of nothing. The process is, perhaps, the most astounding piece of sleight of hand that was ever invented. Banks can in fact inflate, mint and un-mint the modern ledger-entry currency.” Major L L B Angus

The few who understand the system will either be so interested in its profits or so dependent on its favours that there will be no opposition from that class, while on the other hand, the great body of the people mentally incapable of comprehending the tremendous advantage that capital derives from the system will bear its burdens without complaint and perhaps without even suspecting that the system is inimical to their interests.
The Rothschild Bros

"Debts must be collected, bonds and mortgages must be foreclosed as rapidly as possible. When, through a process of law, the common people lose their homes they will become more docile and more easily governed through the influence of the strong arm of government, applied by a central power of wealth under control of leading financiers.

This truth is well known among our principal men now engaged in forming an imperialism of Capital to govern the world.

By dividing the voters through the political party system, we can get them to expend their energies in fighting over questions of no importance. Thus by discreet action we can secure for ourselves what has been so well planned and so successfully accomplished."

USA Banker's Magazine, August 25 1924


Cutting Tax Rates stimulates Economic Growth creates more Profit , more Jobs and therefore The Treasury ends up with more Tax Money
UNKNOWN

Taxation is legalized Theft
UNKNOWN

"The Objective of the Bank is not the control of a conflict , it's the control of the debt that a conflict produces . The real value of a conflict , the true value is in the debt that it creates . You control the debt , you control everything . this is THE VERY ESSENCE OF THE BANKING INDUSTRY , to make us all , whether we be nations or individuals , SLAVES TO DEBT " An UNKNOWN Banker

Patriotism is the last refuge... to which the scoundrel clings .... Steal a little and they throw you in jail ..steal a lot and they make you king ....

Bob Dylan


"Corporations are stealing billions in tax breaks, while the confused, screwed citizenry turn on each other. International corporations have no national allegiance, they care only for profit." Robert Reich


There is NO political answer to a spiritual problem!
Steve Quayle


Po
litical Correctness is a Political Stand Point that does not allow Political Opposition , This is actually The Definition of Dictatorship
Gilad Atzmon

The modern definition of racist is someone who is winning an argument with a liberal
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When People lose everything and have nothing left to lose , They Lose It !

GERALD CELENTE

Your Greatest Teacher is Your Last Mistake
DAVID ICKE

The one who Controls the Education System , Controls Perception
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"The world will not be destroyed by those who do evil, but by those who watch them without doing anything."

Albert Einstein

In The Left Nothing is Right & in The Right nothing is Left
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Freedom is not Free
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Don't Steal The Government Hates The Competition

Ron Paul

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Jesse Ventura


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Alex Jones

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Ronald Reagan


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The world is a tragedy to those that feel, and a comedy to those that think...Beppe Grillo

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Serial Killer Richard Ramirez

There is a Class War going on in America, & unfortunately, my class is winning." Warren Buffet

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Thomas Jefferson

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Albert Einstein

Schools manufacture people who think that they're smart but they're not.
Robert Kiyosaki

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Robert Kiyosaki


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Dissent is the highest form of patriotism
Thomas Jefferson

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UNKNOWN

The losers in life think they have all the answers. They can’t learn because they’re too busy telling everyone what they know.
Robert T. Kiyosaki ‏

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What You Own Owns You
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UNKNOWN

Failure inspires winners but defeats losers
Robert Kiyosaki ‏

“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people” A Chinese Proverb

"First they came for the Socialists, and I did not speak out--
Because I was not a Socialist.

Then they came for the Trade Unionists, and I did not speak out--
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out--
Because I was not a Jew.
Then they came for me--and there was no one left to speak for me." UNKNOWN