Peter Schiff: Janet Yellen as Fed Chairman is Very Bullish for Gold

YellenMoney manager Peter Schiff thinks the nomination of Janet Yellen as Fed Chairman is “very bullish for gold.”
Yellen has admitted she did not see the 2008 financial meltdown coming which was caused by an enormous housing bubble. Schiff goes on to say, “Not only was she not warning about the housing bubble, she was trying to quiet some of the concerns other people had. She was saying, ‘hey some people are worried,’ but really we shouldn’t worry.” When it comes to raising the so-called debt ceiling, Schiff contends, “A limit to the growth of government is bad for gold. What’s good for gold is raising the debt ceiling . . . more borrowing, more money printing. . . . We’ll borrow as much money as the world is dumb enough to lend us. It’s really the lending ceiling.” All the borrowing and money printing is destroying the buying power of the U.S. dollar. Schiff predicts, “Americans’ standard of living is going to move dramatically lower. . . . We’re not going to be buying a lot of new things because stuff is going to be very expensive.” Schiff contends, “This is just a question of time until the illusion is pierced. When the collapse happens, that’s it–the party’s over. America is going to have to live within its means.” Join Greg Hunter as he goes One-on-One with Peter Schiff.

Sunshine_Mint_Bars

 


buff sale(1)

Comments

  1. as opposed to every other bullish prospect for gold and silver we’ve seen as we’ve had new ass holes drilled weekly for the last 2 years? LOL! I’ll put this news with the rest of it.
     
    In theory he’s right – if we weren’t living in a ponzi mirage.

    • We all know that the price of gold does not reflect the true market price due to the ongoing manipulation by JPMorgan with the blessing of the Fed. Therefore any predictions about the price of gold and silver reflecting true market price I learned to take it in stride. I believe that nothing will change until we have some type of “black swan” event.   

  2. Oh Boy, another “Bullish” for Gold. I agree wholeheartedly CD, the Bullshit just won’t flow back up hill!

  3. Did he say ‘bullish for Gold,’ or ‘piggish for Gold?’
     
     

    • Careful, there, Mammoth. If that’s a sexist remark I’ll come down on you like a metric tonne of BRICs…. 

      ;)

    • @Tawnyard , That wasn’t intended to be a sexist comment and I have made far worse comments about Yellen’s predecessor, that could not be printed in a family newspaper.

  4. So keep your day job if you have one, transfer currency from a fiat system into hard assets system & learn a skill?

    But what if I enjoy eating out using my debit card, see movies, & shop at corporate sponsored retailers?

    You see Mr Sciff-The system is not broken, music is playing louder, & the price of Silver & Gold are at record level lows in this system. Change comes to those who seek it?
    Or is forced to seek change by the circumstances?

    • That picture reminds of the Zen koan–’what is the sound of one hand clapping’
      In this case the question is “What is the sound of one clown crapping’
      I need some good ideas for nickname for Janet Yellen.  Ben got lots of good ones.  We need to start the naming contest soon, before some one on another site comes up with the doozie and bags the stadium naming rights  Know what I mean?

  5. Have is a little compassion for the gray haired Jew.  Are you ready?

    Conclusion
    This isn’t about monetary policy any more. Monetary policy in the 21st century doesn’t exist. It’s merely a justification for allowing a small group to pocket what may be trillions based on the manipulation of Western economies. They’ll never explain it, of course. They will use scientific jargon. They will take something that is very simple and make it sound complex. They will complicate it with gender issues and observations about collegiality. But at root, what is going on is very simple … and deadly. Ms. Yellen will swing the axe.
    - See more at: http://www.thedailybell.com/news-analysis/34672/Ms-Yellen-Swings-the-Axe/#sthash.sZtAAT0b.dpuf

  6. We can only hope and pray that the price of gold finding true price discovery is not the utter devastation of the US economy that Schiff predicts.  As a stacker, I also would like the metals to rise in price… but not at the cost of gutting everything in our economy to get it.

  7. Are we wanting our cake and having it too, EdB?  You can’t make a cake without breaking a few eggs.

    • Yes, we are… and we can have that as long as moderation exists in the path we take forward.  This merely requires us to avoid the all-or-nothing scenarios.  On possible path is the one where the USD is devalued not by inflating it but pretty much as FDR did it by re-valuing gold.  I am not suggesting a 69% devaluation of the USD but perhaps a 35% devaluation would be sufficient.  That would help the gold price without absolutely gutting everything else.  Yes, all else would take a hit but there is a lot of difference between taking a hit and being disemboweled.
       
      As to breaking eggs, this is all well and good until YOU are one of those eggs!  ;-)

Speak Your Mind