Peter Schiff breaks down the recent hawkish statements from Janet Yellen and the Federal Reserve.
Schiff talks about some of the dumbest comments from a recent Senator, regarding minority representation at the Fed.
“And, if you’re going to accept the fact that different races may come up with different policy based on their race then it’s an admission that the whole thing is nonsense and they shouldn’t even be doing it in the first place, so let’s just shut it down.”
Schiff takes a few shots at Steve Liesman before diving deeper into the Fed’s comments. Peter believes the Fed is many years too late when it comes to raising interest rates and maintains his view that the Fed is afraid of what will happen if it actually raises rates.
Peter talks about why its inflation, not deflation that the Fed fears.
Janet Yellen would like the Fed’s Balance Sheet to be Smaller
On Yellen’s comments that she would like the Fed’s balance sheet to be smaller. Schiff’s noted, “my thought was I bet she’d like to be taller too. Right there is probably a lot of things that she’d like, but there not going to happen. I mean they can’t shrink that balance sheet, that’s why they haven’t done it.”