저자: Floyd Mayer · 외국인
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chef CEO of euro pacific capital thanks for joining me on this listen you know you say Yellen said nothing of real value to the American people you're not impressed she's missing the point of what Americans really want to hear and what is that in your opinion well Americans aren't really even paying attention to what she's saying it's more of the financial markets that are sitting on pins and needles parsing over every word that she says but you know she talked about the fact that it would be a problem that the Fed waited too long to raise rates or remove the accommodation well duh I mean she's already waited too long I mean the time to nip that in the bud has long since passed in fact the minute the Fed lowered interest rates to zero that was the mistake right the minute they checked us in to this monetary roach motel there was no way to check us out that is why the fed has already acted so slowly in their in their increasing rates because I think they know that another crisis is coming there you know just hoping that they don't get blamed for it so do you think then that the Fed is essentially postponing the pain of its prior mistakes in Congress for that matter well that's going to hurt well that's all it that's all it does it makes mistakes and then it takes action to try to mitigate the short-term pain but only at the expense of making the mistakes even larger so that the future pain is even worse I mean that's what happened when the Fed slashed interest rates in 01 02 to mitigate the mistakes that inflated the stock market bubble the tech bubble and then those larger mistakes inflated a bigger bubble in the housing market and then when that bubble burst in 2008 they made even larger mistakes and that bubble which was inflated by burn a key and Yellen has yet to pop but when it does the fallout is going to be much bigger than a 2008 financial crisis and so that is a reason that Yellen is dragging her feet on these rate hikes because the higher rates go the sooner that crisis is going to arrive well then if this rate how long can we go without the economy heading straight back into a recession we watch your prescription for keeping us out of it or if it's you know if we've hit terminal velocity you know pulling us out of it sounds to me like you're saying it's going to feel like a big piece of duct tape ripped off your arm well I don't think we ever really came out of recession I mean everybody says that this is the weakest recovery in history in fact the recovery is so weak that for the average American the recovery was actually worse than the recession that we supposedly recovered from and I think the reason the recovery is so weak is because it isn't the recovery it's actually a recession camouflaged as of occur as a recovery behind phony GDP numbers you know because the government is under estimating inflation we have a deflator that is too low and so we've been able to manufacture out of thin air economic growth when there is none see that's why Donald Trump is the president of the United States if we had real economic growth he wouldn't have even been the Republican nominee let alone the president but it's because the economy is so weak he was able to exploit that weakness and the fact that the public realizes that they're being lied to their being lied to by the government are being lied to by the media by Wall Street they're all trying to shove this phony recovery down their throats and they threw up all over it and elected Donald Trump wow that's a graphic way of putting it but you know what a lot of people probably totally agree with you let's talk about what we heard Janet Yellen say earlier about the labor markets labor market unemployment is down jobless rates for certain minorities though it's very high in those areas she seems to be parroting what a lot of pundits were talking about when they said you know the job market growth the recovery people don't seem to be feeling that do you think that these remarks sort of lend itself to the argument that you're making there well they may be feeling it but not where Janet Yellen and everybody likes to likes to pretend I mean these are these are phony numbers again yes we have a low unemployment rate because millions and millions of people who are not working are not counted as being unemployed and millions more who are underemployed who are working part-time jobs but who can't find full-time jobs they're not being counted so this again is a government illusion created by the statisticians and you know one of the things that happened recently we got the most recent jobs numbers and we had for the perch Ainge we had about 700,000 people who had left the labor force coming back in now they didn't get hired there are now unemployed so the unemployment rate is starting to not chop but if more and more people who have been on the sidelines when it comes to the job market if they now try to get into the game because they need the money maybe they can no longer afford the luxury of not working we're going to start to see a big increase in the official unemployment rate and then we'll see the Fed Janet Yellen change your tune pretty quickly okay so we're talking about changing it quickly right now it would you you'd say Jack them up right now it's going to be painful what we got to do it right now because on top of this there's a lot of political grandstanding going on at these hearings has nothing to do with fiscal policy everyone sort of covering their political basis so if you could go into that room and say look brass tacks your fellows this is what we need to do what would that be yeah well personally write the whole thing is a circus it's all kind of grandstanding but meanwhile Janet Yellen is the ringleader of this circus and it's all show you know politicians are trying to score brownie points they speak in sound bites with their constituents you know so none of this really means anything but again Wall Street looks at this as if you know Janet Yellen actually knows something about the economy and you know gold the price of gold was up 10 bucks before her prepared testimony was out and as soon as the words came out that you know it would be a mistake to wait too long to raise rates sold off it went negative it matters to close up a few bucks but they're reacting to this is that there's actually anything new to be gleamed out of these statements but you know if i was there if i was the Fed Chairman you know i would basically want to admit to all the mistakes that have been done by chairman that preceded me i said look we're no longer going to price fixed interest rates the Fed is not going to try to micromanage interest rates like the politburo in the Soviet Union used to try to fix the price of bread we're going to let the market set interest rates we're not going to interfere we're not going to be doing quantitative easing and interest rates would go way up I mean they have to go up America has lots of debt we have no savings interest rates need to go up in fact one of these senators asked Janet Yellen why the economy is growing so slowly it's this monetary policy that what is one of the main reasons we don't have real capital investment we don't have increasing productivity because the Fed is diverting all those resources to propping up speculative bubbles in the stock market at a real estate market in the bond market and to prevent the government from making necessary cuts to government spending that would actually unleash the free market growth that would produce a rising standard of living so we need to let interest rates go up but then we need to let the chips fall where they may because if we do that now after rates having been so low for so long we're going to have a financial crisis worse than two thousand eight and at this point we just have to suck it up and bear it and if it means a lot of people lose money and if it means banks fail and it means people lose their jobs that's what has to happen because we have to clean house we have to allow this economy to restructure so we can rebuild it the right way and not rebuild it based on government central planning but let the free market rebuild it based on millions of Americans pursuing their own self-interest this is what made America great in the first place it was limited government it was freedom where people can save and invest and produce that's what we need again we need to go back to the American dream but before we can get there we have to get out of this fetid deuced american nightmare thank you so much for your input
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