{"id":1484047,"date":"2024-08-16T12:50:00","date_gmt":"2024-08-16T16:50:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1484047"},"modified":"2024-08-16T12:50:00","modified_gmt":"2024-08-16T16:50:00","slug":"peter-schiff-more-disastrous-rate-cuts-on-the-horizon","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/peter-schiff-more-disastrous-rate-cuts-on-the-horizon\/1484047\/","title":{"rendered":"Peter Schiff: More Disastrous Rate-Cuts On The Horizon"},"content":{"rendered":"

Peter Schiff: More Disastrous Rate-Cuts On The Horizon<\/span><\/p>\n

\n

Via SchiffGold.com,<\/em><\/a><\/p>\n

Peter\u2019s back in Puerto Rico for this episode. He explains his theory behind the market\u2019s bounce back last week, notes why last week\u2019s panic bodes poorly for Bitcoin, and comments on two major political events\u2014 Kamala Harris\u2019s VP pick and the \u201chate speech\u201d clamp-down in the United Kingdom.<\/p>\n

With more evidence mounting of a recession, Peter reminds us that the Fed\u2019s policy over the last few decades makes such a recession inevitable:<\/p>\n

\u201cThe right thing is to raise rates more and let the chips fall where they may. Sure, stocks are going to crash. Real estate is going to crash. We\u2019re going to have a hard landing. It\u2019s going to be a recession. But unfortunately, that\u2019s what we need.<\/strong> Not because it\u2019s fun, but because it\u2019s necessary. Now, if you don\u2019t want to have this necessary crash, then the Fed never should have made that deal with the devil, because the devil is going to come to collect eventually.\u201d<\/em><\/p>\n<\/p>\n

Even though rate cuts are the wrong move, the markets are confident cuts are coming in September or even earlier:<\/p>\n

\u201cI said on my podcast that if we didn\u2019t get the emergency rate cut, we were getting a cut for sure in September.<\/strong> I just thought they may not even wait until September. They may have to do it sooner. And they still might because we still have a long time between that September meeting and right now. But because the bond market started to price that in and rates went down, that helped the markets, because the markets saw this and they\u2019re like, \u2018Ok, the Fed is definitely going to cut now.\u2019 \u2026 The market now realizes that the Fed is going to move on in September no matter what. And that I think that helped the market\u2019s psychology<\/strong>.\u201d<\/em><\/p>\n

Bitcoin\u2019s recent performance demonstrates why it\u2019s a bad choice for a federal Bitcoin reserve:<\/p>\n

\u201cWhen everything was going down, Bitcoin went down the most. And they\u2019re trying to get the government to have a Bitcoin reserve? You can\u2019t have a reserve asset that\u2019s the most volatile asset.<\/strong> The reserve asset is the one you\u2019re supposed to rely on. When everything else is selling off, you can use that reserve asset. But how can you use a reserve asset that goes down even more than the stuff you\u2019re trying to hedge?\u201d<\/em><\/p>\n

In election news, Kamala Harris has chosen Minnesota Governor Tim Walz as her running mate. Peter thinks Pennsylvania Governor Josh Shapiro would have been a better pick, but the media is keen to defend Harris against any criticism:<\/p>\n

\u201cThe media has been repackaging and rebranding her. I mean, they\u2019re lying as much about Harris as they were about Biden.<\/strong> The same people had said, \u2018Biden is sharp as a tack,\u2019 right? And then kick him to the curb as soon as that lie was exposed. Now they\u2019ve got a new lie about how great Kamala Harris is. As long as she keeps her mouth shut and nobody actually hears her talk, they can keep selling her to the American public like she\u2019s the greatest thing. And apparently it\u2019s working.\u201d<\/em><\/p>\n

With the United Kingdom government cracking down on protests and online social media posts, Peter explains why free speech is so important:<\/p>\n

\u201cIf you\u2019re not allowed to be offensive, if you\u2019re not allowed to hurt other people\u2019s feelings, then you don\u2019t have freedom of speech. Well, what do you have?<\/strong> The whole concept of free speech is that you have to defend the rights of people to say things that you disagree with\u2014 that may be offensive to you, that may be hateful. Because the minute you let the government decide, the government can decide, \u2018what is offensive? What is hateful?\u2019 Well, then they can make anything they want hateful or offensive.\u201d<\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 08\/16\/2024 – 08:50<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/peter-schiff-more-disastrous-rate-cuts-horizon<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Schiff: More Disastrous Rate-Cuts On The Horizon Via SchiffGold.com, Peter\u2019s back in Puerto Rico for this episode. He explains his theory behind the market\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1484047","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1484047"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484047\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1484047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1484047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1484047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}