YouTube/PeterSchiff, Released on 3/16/20

• Fed finally did what I’ve been saying they would for years: cut rates to zero with the biggest point cut in history. Powell afraid to call it QE.
• There are no atheists in foxholes; there are no free-market capitalists in a recession. If we fought WWII with bailouts, like the way we’re fighting coronavirus, we’d be speaking German now.
• Waiting in line for food and toilet paper does not mean business is booming. Neither is having full hospitals.
• More records broken today as the Dow lost almost 3,000 points – the biggest single day point drop in history! Percentage-wise, it was the second biggest drop percentage in history, next to the stock market crash of 1987. For all the years of the Great Depression and WWII, the economy never saw a drop like this.
• The stock market has never lost this much value this quickly. The whole rest of the world is now tapping into their savings, but we have nothing left to rely on other than a printing press.
• Gold takes a hit as investors cover their losses, but still down only 2% on the year compared to the Dow down 32%. Gold is liquid, easy to sell, yet its barely down, even though so many people are desperate enough to sell it.
• Trump “pleasantly surprised” Powell followed his orders after having his job threatened.
• Oh, and banks no longer need reserves.

Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0, The Little Book of Bull Moves in Bear Markets:, and The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.8

  coronavirus, economic meltdown, economy, Fed, money printing, QE, stock market