Pls listen to below from 15:30 -
I’m not going to listen to or watch a YouTube video. Please explain in written words whatever point you’re attempting to make.
From 6:00 to 7:00 , Peter Schiff says the last time this index was below 50, with the exception of Oct-2013 when Govt. services were shutdown, the economy was in recession.
Note that this is services PMI, not manufacturing PMI.
I don’t think Peter Schiff is a reliable source of economic or financial analysis, any more than his father was a reliable source of information on the US tax code.
To what extent is the economy in the near future subject to factors that are *not *reflected in the obvious statistics? Factors like terrorism, war, political uncertainty, or perhaps some cartel arrangement among Russia-Iran-Saudi to raise the price of oil.
Does the hope for rising stock prices and continued high employment depend on stable politics? Cheap oil?
According to the Wiki article on Schiff he predicted hyperinflation and that gold would be $5k/oz by 2015. Oops.
That’s the thing I’ve learned about these guys: they will endlessly predict doom and gloom because nobody is paying attention to their market/economy “fixes”. At the beginning of the Great Recession every gold bug I knew predicted hyperinflation because of government actions like QE. They just can’t deal with being wrong.
What, your predict we are all going to move to bitCoins? For a stable money supply?
And by gold rising I assume you mean dropping 40%. Those who believed the right wingers and their gold hawking from a few years back, out of fear of hyperinflation and Obama-induced chaos lost their shirts. A fool and his money …
There have been concerns about our massive trade deficit as long as I can remember, and I’m old. So far, no big problem. That’s the very definition of sustainable.
What brought oil prices down was a supply glut thanks to US oil coming on line and political decisions by Saudi Arabia to not cut production, due to various motives.
Perhaps so due to reduced stimulus as I mentioned. However much of the reduction in the deficit is due to increased revenue through an improved economy. The unemployed don’t pay as much in income tax. That’s also the cause of the California surplus.
Already covered for China. Russia is selling reserves because they are suffering due to the reduced price of oil which the government depended on. Putin has a serious problem and government spending is being cut back drastically. Nothing at all to do with our trade deficit. In fact, our economy is hurt by the strength of the dollar. I don’t think the Republicans are even complaining about how Obama has made the dollar weak anymore. We could use a slightly weaker dollar.
What currency would replace the dollar? There are not even any candidates.
The current reduction in stock prices comes from a long overdue correction, and from a major reduction in profitability of the energy sector. But that isn’t a crash.