Bernie Sanders as president of the United States? That’s a good thing, says Peter Schiff, CEO of Euro Pacific Capital. Speaking in an interview with InfoWars, Schiff touched upon the Federal Reserve and Sanders.
Federal Reserve Will Backtrack on Rate Hike
Schiff believes the United States central bank will backtrack on its plans to raise interest rates and keep them at near zero at the next Federal Open Market Committee meeting. This contradicts the general viewpoint among economists and financial experts that rates will be hiked this time around.
The betselling author of “Crash Proof” noted that the U.S. economic recovery is very weak and there have been so many job losses and horrible earnings from an array of companies, such as Macy’s, Wal-Mart, The Gap and Nordstrom’s. He asked if this is truly a recovery then how come consumers aren’t shopping and why is consumer spending falling?
Ultimately, Schiff thinks that if the Fed raises rates then it’ll try to cover its track.
“But I do believe if they do raise rates slightly, they’re going to try to cover their tracks by leaving the door open, by saying, look, we just raised rates, but we can go either way with the next move. We may hike, we may cut, depending on the data,” said Schiff.
Now, onto Bernie Sanders…
Schiff did not mince words: he called Sanders a socialist who doesn’t believe in free markets or capitalism. Sanders, says Schiff, supports the principles of the Russian Revolution as opposed to the American Revolution. Despite this, Schiff thinks by having Sanders as Commander in Chief, it could be a great thing for a real revolution for capitalism.
If Sanders is elected, according to Schiff, “he’ll screw up the country so badly so quickly,” which it already is. However, that may mean there could be a genuine revolution that would prompt the country to abandon this hogwash of the welfare state and lean more towards free markets.
“The stuff he wants to do would bankrupt the country, bankrupt America, but the problem is we’re already bankrupt. So why not go all-in on socialism so we know how bad it is, so we can puke it all out and start over again,” said Schiff.
“I really would like to see the collapse on a Democrat watch, especially one that embraces government and if it happens under Bernie Sanders’ watch, we could really come out with something really good on the other side of the Sanders administration.”
Well, Schiff doesn’t have to worry about a Sanders administration. Clinton is holding a 27-point lead over Sanders in the national polls. It seems not too many Americans are “feeling the Bern.” The country is just going through the motions waiting for Clinton to be sworn in and hold office for eight years.
The entire video is embedded below:
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