Peter Schiff: "US Is in a Gigantic Bubble... and Covid-19 Is Going to Be the Pin"! Great Video!
By Tyler Durden / ZeroHedge
While yesterday’s collapse in stocks has been broadly blamed on worsening Covid-19 headlines; Peter Schiff, the CEO and chief global strategist at Euro Pacific Capital, dug a little deeper into the real problems behind the market’s fragility on RT’s Boom Bust this week.
According to Schiff, “the bond market is telegraphing right now that we are going to have several more rate cuts, I think between now and the end of the year.”
***Support BeforeItsNews by trying APeX (far superior to colloidal silver) or any of our four other great health products at www.mitocopper.com ***
In fact the market is pricing in almost 2.5 rate cuts by the end of 2020…
Peter noted that US stock markets were already vulnerable before the virus outbreak.
Remember, we’re talking about the US stock market that’s at bubble territory, nosebleed valuations, long in the tooth, the longest bull market in US history that has been fueled by the most monetary and reckless fiscal policy in US history. But this is a bubble in search of a pin. So, maybe the coronavirus is going to be the pin. But if we had a healthy market, if we had a healthy economy, it wouldn’t matter about the coronavirus. It’s because the economy is sick. That’s the problem, not the people who are infected with this virus.”
And what will The Fed do? What they always do! If all you have is a hammer, everything looks like a nail…
“Whether they commit to moving to zero or not, that’s exactly what they are going to do,” Schiff says.
“The Fed should not be cutting interest rates but that’s what they are going to do because it’s the only thing they can do.”
That is not going to cure coronavirus or the economy, it’s simply going to make US economy sicker, Schiff notes.
“The US economy is in gigantic bubble and maybe the coronavirus is going to be the pin.”
However, there are much deeper problems than the coronavirus, as the markets are generally very overvalued, according to Schiff.
“If we had a healthier economy we could better withstand… But the bigger problem is that the Fed’s cure is actually worse than this disease,” he says.
Peter said he watched CNBC throughout the day Monday and gold was barely even mentioned. But gold is exactly what you want to hold when inflation is hot and the stock market is crashing. It is a true safe-haven and his historically preserved wealth.
https://www.zerohedge.com/markets/schiff-us-gigantic-bubble-covid-19-going-be-pin
***Support BeforeItsNews by trying APeX (far superior to colloidal silver) or any of our four other great health products at www.mitocopper.com ***
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).