Peter Schiff on President Trump's New Fed Chairman

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01. time to dig into those weeds now Jay Powell's appointment as chair of the Fed I bring you now Peter Schiff CEO of euro pacific capital big news today what can you tell us about powell what might we expect and i want to get your opinion on him well it's just more of the same but you know powell embodies everything that candidate Trump criticized when he ran for office you know he was very critical of Janet Yellen she was acting politically she was keeping interest rates artificially low she was doing political stuff she was trying to prop up the stock market she was trying to make things look better for Barack Obama to make it easier for Hillary Clinton to win and his criticism was right on point I mean he was exactly right about what the Fed was doing but now instead of taking the opportunity to change the Fed he has simply reappointed or nominated somebody who is going to continue the very policies that he criticized when he was running for president and Powell is going to be just as political as Yellen except now the beneficiary is going to be Trump instead of Obama okay well I mean I think a lot of people expect that if they're going to be very political it's a political position but this is the first non economist to lead the Fed in a long time is there any value in that you say he's not experienced with the Fed but you can still be plenty experienced with the Fed and not you know be the chair well the economic education that Bernanke and Yellen had didn't do him any good I mean you know so they didn't really learn anything about real economics they learned a bunch of Keynesian nonsense so yeah clearly you don't need a PhD in economics to chair the Fed but the problem is I think that Powell is still going to share the same type of philosophy that his predecessors had which is wrong now he is a Republican so he is more inclined to try to help Donald Trump get reelected and so I think he's going to be there with the monetary spigots I think he's going to cut interest rates if the market starts to go down I think it'll be very quick on the trigger when it comes to QE four and that's exactly what applause but that's not what his voters wanted this is not going to help Trump's voters people who voted for him the middle class who thought they were voting for change they are going to get more of the same and the policies that are going to be pursued by a Powell Fed will continue to undermine the living standards of the middle class it will erode away the value of the dollar and will continue to misdirect resources from Main Street to speculation on Wall Street it is going to continue the policies that resulted in Trump's election but it may make sure that he doesn't get reelected okay well let's talk about John Taylor might have been his pick a lot of people were speculating he was favored by conservatives what would your opinion have been on him being selected his chair he wasn't as bad I would have taken John Allison of all the people that he interviewed John Allison was the best by far and so if he would have gone in that direction that would have been a change that would have been learning for the mistakes in the past and taken the Fed in a new direction Taylor you know would have been better than Powell but you know Taylor was already trying to you know get his mind right I was reading stuff where well you know the Taylor rule isn't really a rule it's kind of a suggestion and so he was kind of backpedaling trying to get the job but at the end of the day Trump didn't want to take a chance on a wild card he wanted to go with a sure thing and I think Powell is that I think he's gonna be exactly what Trump wants a yes-man at the Fed that's going to be part of the Trump administration and kind of do what he's told okay well let's look into the future about the bench at the Board of Governors who do you think might fit on that oh I don't know I mean as far as how they're gonna change those deck chairs around I mean I think it really doesn't matter cuz once you pick the Fed chairman that's pretty much the direction that we're going in and it's a continuation of more of the same money printing artificially low interest rates bubble blowing you know a belief in Keynesianism and and and monetary stimulus and you know these are not sound money people that believe in hard money you know what Trump was a candidate he was talking about the gold standard I mean these guys want nothing to do with a gold standard