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Should the Fed Raise Rates?

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  • Description

    Euro Pacific Capital CEO Peter Schiff on why the Federal Reserve needs to raise interest rates.

  • Duration 2:50
  • Date

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This transcript is automatically generated

Let let me get back to Peter -- -- Peter.

You don't you actually think we should raise rates you're not the only person smart person I've heard -- says that but.

That that is disconcerting that or is it a -- has that one before another country's upper call Argentina raise rates and things like better for them even though it it was also.

This is not a quick fix or it's not like we're gonna raise rates in the stock market's gonna like it it's not gonna like you know there are a lot of debtors and aren't gonna like you.

But -- we're trying to preserve a phony bubble economy that is the problem that they keep trying to blow air and to this burst -- bubble.

We have to allow the economy to restructure.

And part of that painful process is higher interest rates but the longer the Fed tries to avoid it.

I keeping rates -- the higher they are ultimately gonna go in the more painful this process is going to become let me just as you make sure I get your right here you're saying that.

That lowering interest rates on hold mortgages.

Will make it even -- difficult for the banks to lend out money that they're not lending out now so.

The small and midsize companies that are trying desperately to get -- you're saying we'll have an even tougher time.

As a result of operations where it's.

Yes I mean the only way we're gonna make it easier for businesses to get credit if the government stops taken all the credit away.

Either by borrowing directly or by siphoning credit for the homeowner hers to students to people buying stuff with credit cards.

We have to stop subsidizing.

Consumer debt.

And allow our savings to be used productively.

To build capacity to produce wealth produced product.

We're running an economy back towards our economy depends.

On the rest of the world propping it up and that is the reason that we're seeing all these problems in the global economy.

The dollar is at the epicenter of what we are corrupting the global economy because the cost of propping up our economy.

Is enormous and it is putting great strains on the global economy now the problems in Europe aren't making this situation better it's only -- -- -- Peter -- if this CEO of Euro Pacific Capital Peter.

Thank you might think for like a pretty pessimistic warfare.

And very lost a lot of -- -- the gold trading Kelly to go before asking you that I'm involved with I thought today well it's it's a gold is down today as doubt about -- look at the -- in fact if you look at the price of the doubt in terms of the gold it's down around six and a half ounces in the the bull market in gold is intact I mean in the bear market in stocks -- still ongoing so hey you know goals not gonna go up every day.

And you know I welcome the selloffs because we still have our -- would be divided -- my point she never a better I do not care -- a lot of times people sell gold -- when they're liquidating equity -- a lot of buying opportunities I'm sure this -- will be no exception -- your -- having I was earlier highs and gold you're buying.

Yes there you can do it spectator at the -- -- -- all right let's.

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