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.
In 2007, Peter Schiff wrote a book, “Crash Proof: How to Profit from the Coming Economic Collapse.” He followed that up with “The Real Crash: America’s Coming Bankruptcy — How to Save Yourself and Your Country.” He gave his second book that title because 2008 wasn’t the real crash.
It’s the one that’s about to happen.”
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.
Source: SchiffGold
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