Peter Schiff, President and CEO Euro Pacific Capital
On Wednesday, March, 18, Peter Schiff did a live episode of his podcast and took questions for over four hours.
In a nutshell, Peter made the case that the real crash is here. He covered a wide range of topics relating to the ongoing and ever-evolving coronavirus crisis.
As far as the mainstream narrative out there, Peter said, “Everybody has lost their minds.”
This is really the most idiotic thing I’ve ever seen. And, you know, the economy is about to implode. That much is pretty sure.”
Peter is not talking about the steps being taken to hunker down in an effort to slow the spread of coronavirus. He’s talking about what everybody is saying the government needs to do to address the economic downturn.
Peter said it took longer than he thought it would to get to this point. But here we are.
That bubble has now popped. Believe me. I had no idea that the pin to pop this bubble would be the coronavirus. … This pin has pricked the biggest bubble that the Federal Reserve has ever inflated. And now the air is coming out. And at this point, it doesn’t even matter what happens to that pin. … The damage is already done. The cat’s out of this bag. This bubble has popped. And there is a lot of air that’s going to come out of it.”
One example of the craziness is the call for “helicopter money.” The term refers to giving money directly to individuals as if dropping cash on everybody out of a helicopter. As Peter pointed out, when Milton Friedman coined the term, it was a joke.
He was using it as an example of what not to do, about why Keynesian monetary stimulus doesn’t work. He said it’s a crazy, stupid idea. It’s like dropping money from helicopters. Because dropping money from helicopters doesn’t do anything. It’s just inflation. It just makes prices go up.”
We don’t need more money. We need more stuff.
Adding money doesn’t add anything of value. It’s just paper.”
Donald Trump has been comparing the coronavirus crisis to World War II. Peter made the point that in World War II, there weren’t any corporate bailouts.
Not only did people not get bailout checks from the government; the government tripled taxes.”
Last week, Peter asked the question:has the bond bubble just been pricked? It appears that it has. Bond prices are collapsing almost as fast as stocks. Now people are piling into the dollar.
The US dollar isn’t a safe-haven either. And the people who are buying US dollars are about to blow up and watch their purchasing power evaporate. Because we all assume the Fed can create as much money as it wants. That it can create tens of trillions of dollars. Remember, we’re bailing out everybody. Bailing out the airlines. Bailing out the hotels. Bailing out the manufacturers. Bailing out the plane manufacturers. The automobile manufacturers. Bailing out the individual workers. This is bailout nation. We’re bailing out everybody. How can we bail out everybody? Who’s going to do the bailing? The government doesn’t have any money. It only has money that it takes from the people.”
Peter said the real crash that’s coming is a dollar crisis.
All the money the Fed is printing isn’t going to have value. It isn’t going to buy anything. Prices are going to skyrocket. And in fact, this coronavirus is accelerating that process because the coronavirus is reducing the supply of goods available to buy.”
This is the perfect storm for price inflation. We’ll have more money chasing fewer actual goods.
People are advocating the same monetary policies that have destroyed every country that has ever tried it.”
Peter addresses all kinds of viewer questions in this video. It’s worth taking the time to watch.
Peter Schiff, President and CEO Euro Pacific Capital
Euro Pacific Capital, Inc.
10 Corbin Drive, Suite B
Darien, Ct. 06840
Mr. Schiff is one of the few non-biased investment advisors (not committed solely to the short side of the market) to have correctly called the current bear market before it began and to have positioned his clients accordingly. As a result of his accurate forecasts on the U.S. stock market, commodities, gold and the dollar, he is becoming increasingly more renowned. He has been quoted in many of the nation's leading newspapers, including The Wall Street Journal, Barron's, Investor's Business Daily, The Financial Times, The New York Times, The Los Angeles Times, The Washington Post, The Chicago Tribune, The Dallas Morning News, The Miami Herald, The San Francisco Chronicle, The Atlanta Journal-Constitution, The Arizona Republic, The Philadelphia Inquirer, and the Christian Science Monitor, and has appeared on CNBC, CNNfn., and Bloomberg. In addition, his views are frequently quoted locally in the Orange County Register.
Mr. Schiff began his investment career as a financial consultant with Shearson Lehman Brothers, after having earned a degree in finance and accounting from U.C. Berkley in 1987. A financial professional for seventeen years he joined Euro Pacific in 1996 and has served as its President since January 2000. An expert on money, economic theory, and international investing, he is a highly recommended broker by many of the nation's financial newsletters and advisory services.
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