P. Schiff - yesterday: "I think the dollar is going to collapse before the Market does" : "In response to this week’s conflicting policy statements issued by the Fed, Peter said, “They checked into the ‘Roach Motel’ of monetary policies because they can get in—but there’s no way to get out. So what they do is they bluff. They pretend there is an exit strategy knowing that exit is impossible…they just have to maintain the pretense as long as they can, before the market figures out the true predicament they’re in.” “No matter what Ben Bernanke says, between now and the time he’s supposed to taper, he will come up with an excuse why he can’t and I think he already knows this. But he can’t let the market know that the whole recovery…is merely a temporary by-product of the QE, and that the minute you remove the QE—we’re right back in recession.” When asked if continued money printing is setting the stage for an equities market collapse, Peter said, “I think the dollar is going to collapse before the market [does]…The Fed is propping up asset prices by debasing the dollar—the currency with which those asset prices are denominated.” As a final comment towards the ‘madness of crowds’, Peter said, “The majority is always going to be wrong…the mob has such a vested interest in believing in a fantasy, that they can’t reject it…[even] in light of evidence that would seemingly prove them wrong.” “[But] I think those of us who can see through all the B.S.—we know how this game is going to end. We know where the puzzle pieces need to be and we just have to position ourselves accordingly…The fundamentals are going to win out in the end regardless of how far they deviate…[even] during these periods of mania.”
Posted on: Fri, 19 Jul 2013 09:51:17 +0000
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