{"id":1486785,"date":"2024-08-29T18:35:00","date_gmt":"2024-08-29T22:35:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1486785"},"modified":"2024-08-29T18:35:00","modified_gmt":"2024-08-29T22:35:00","slug":"peter-schiff-feds-pivot-is-misguided","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/peter-schiff-feds-pivot-is-misguided\/1486785\/","title":{"rendered":"Peter Schiff: Fed’s Pivot Is Misguided"},"content":{"rendered":"

Peter Schiff: Fed’s Pivot Is Misguided<\/span><\/p>\n

\n

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

In this episode, Peter analyzes the\u00a0Fed\u2019s conference in Jackson Hole<\/a>\u00a0and the pivot Jerome Powell signaled in figure monetary policy. He also dives into the hot political topics from this week, namely, the\u00a0Democratic National Convention<\/a>\u00a0and RFK Jr.\u2019s endorsement of Donald Trump for President.<\/p>\n

Despite what Powell says, Peter is convinced there\u2019s not sufficient evidence to support rate cuts in September:<\/strong><\/p>\n

\u201cAnd during the speech, Powell said that now, finally, after all of these months, now I\u2019m convinced that inflation is headed back down to 2%. But why? What data have we seen that has shown a significant improvement that you would think that inflation is headed back down to 2%? It\u2019s 3% right now. \u2026 If you look at the actual CPI, 2.9% was the last one<\/strong>.\u201d<\/em><\/p>\n<\/p>\n

The Fed\u2019s dual mandate to fight both inflation and unemployment is proving problematic, since improving one often worsens the other:<\/p>\n

\u201cHe [Powell] said that any additional weakness in the labor market is unwelcome. See, before he was saying we wanted some weakness in the labor market, because that\u2019s how we were going to bring down inflation. But now, based on all of the weak data that we got on the labor market\u2014 especially that last non-farm payroll report\u2014 he\u2019s saying, \u2018No, we can\u2019t have any more weakness in the labor market.\u2019 So the Fed has really pivoted now from fighting inflation to fighting unemployment, which is on the rise.\u201d<\/strong><\/em><\/p>\n

These problems are inevitable when you tamper with interest rates, which are fundamental to a healthy economy:<\/p>\n

\u201cThe Fed gets the economy all juiced up on cheap money. They build the entire phony recovery on a foundation of artificially low interest rates, and as a result, everybody goes into debt.<\/strong> And now they think they can raise interest rates without having a collapse. That\u2019s impossible. You can\u2019t have a foundation built on debt and then raise interest rates and expect the foundation not to collapse.\u201d\u00a0<\/em><\/p>\n

Moving on to politics, Peter explains what stood out to him about this year\u2019s DNC:<\/p>\n

\u201cI\u2019ve watched a number of these over the years. Again, I\u2019ve been to a couple of them\u2014 not as a delegate. I was there on a press pass. I\u2019ve never been a delegate. But I\u2019ve never seen a convention where they vilified the opposition and the opponent anywhere near to the degree that they vilified Trump<\/strong>. I thought that they would have backed off on that kind of characterization, given the fact that someone tried to kill him.\u201d\u00a0<\/em><\/p>\n

Many of the DNC\u2019s criticisms of Trump are outright lies:<\/p>\n

\u201cThey spend almost all their time lying about Trump. Most of the things\u2014 almost everything, actually\u2014 that they accuse Trump of doing or wanting to do, he\u2019s not going to do. <\/strong>And they repeated all these lies where they take things out of context, like the \u2018bloodbath\u2019 or \u2018bad people on both sides\u2019 or whatever it is or all these quotes that have already been proven were either not said or were taken out of context and don\u2019t even apply to the way they\u2019re using them.\u201d\u00a0<\/em><\/p>\n

One silver lining from the week is\u00a0RFK Jr.\u2019s endorsement of Donald Trump for president.<\/a>\u00a0Constituting arguably the first true \u201cunity campaign\u201d in decades, the revitalized Trump ticket is a legitimate threat to the establishment, and hopefully it can take action to end wasteful wars around the world:<\/p>\n

\u201cAt least Robert Kennedy and Donald Trump care about all these people who are dying, and they want to stop it. <\/strong>Now, secondarily, we\u2019re wasting all this money so all these innocent people could die, and for what reason? Ukraine is in much worse shape now than it was two years ago. For what? For nothing. Again, there was more freedom in Russia than in Ukraine before the whole thing started. We were trying to preserve Ukrainian freedom; they\u2019re less free now than they were before because of this war. \u2026 This has been a disaster. So at least you\u2019ve got Kennedy and Trump that are thorns in the side of the political establishment, and that\u2019s what we need. We need to break the stranglehold of the neocons.<\/strong>\u201d<\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 08\/29\/2024 – 14:35<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/peter-schiff-feds-pivot-misguided<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Schiff: Fed’s Pivot Is Misguided Via SchiffGold.com, In this episode, Peter analyzes the\u00a0Fed\u2019s conference in Jackson Hole\u00a0and the pivot Jerome Powell signaled in figure…<\/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-1486785","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\/1486785","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=1486785"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1486785\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1486785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1486785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1486785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}