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our next guest Peter Schiff Peters chief economist global strategist the Euro Pacific Capital a division of Allianz global partners Peter thanks for joining us again today on the show oh my pleasure to be here we'll try not to turn up the heat too much because I understand you're sitting right now in Puerto Rico with no air conditioning so try to make this quick bottom line unemployment this past week went up to a level guesstimate it to be 17 percent it seems like a foregone conclusion it's going to be over 20 what do you think this means for the economy throughout the rest of 2020 as well as the stock market well both the stock market and the economy are in a lot of trouble probably the economy even more so than the stock market because what the Federal Reserve is doing may artificially prop up the stock market but they're not going to have as much success with the real economy in fact the reason that the economy is so sick is not because the coronavirus I mean that's probably making it worse no question about that but even before the coronavirus came on the scene the economy was ill and that's because of what the Fed did I in the decade leading up to this disaster so what we're really gonna be suffering from is the hangover from all of the stimulus of the past all the zero percent interest rates and quantitative easing and what the Fed is doing now in the aftermath of this crisis is only gonna compound the problems that it created before the crisis so Jeff I know you've got some strong feelings and thoughts on the Fed and everything else so go ahead well Peter the last time you're on the show you and I chatted about something I'm a shift gears for a minute we talked about all this endless money printing and this has got to be your worst nightmare because now the Fed has an open checkbook to cure all the ills here and be the buyer and lender of last resort but you know you were really hyper focused on inflation and I don't see inflation ever occurring for money printing especially with the deflation that we're experiencing and one of your picks was gold miners on the show the last time and gold miners have been obliterated even though gold is up fifteen seventeen percent most gold miners drop two hundred percent plus and this correction that we have so how can we have inflation going forward when there's no inflation the feds been trying to create inflation for the last 10 years well first of all most of the major gold stocks have hit new multi-year highs this week so I'm really not sure what you're talking about yeah there are some junior miners that have been weak but overall gold stocks are doing a lot better than the overall stock market year-to-date now they should be doing even better given what's already happened to gold and what's likely to happen to gold and I think that's going to happen so I think people should be buying these gold stocks as quickly as they can but as far as inflation is concerned inflation by definition is money printing that's what's being inflated is the money supply so we've never seen the central bank create this much inflation in its history to think that it's not going to affect consumer prices I think is completely ridiculous I mean it already is prices are rising for the things that people are really buying like food yeah but but Peter but Peter money-printing only causes inflation if it increases demand now we've got excessive money printing with no demand in this new korone economy I think I think some of your some of your viewpoints Peter are divorced from economic reality on some of this stuff because the way you frame them make them sound like it's your opinions that are divorced from reality mine are grounded in reality when you create money you are creating inflation now that inflation will manifest in various ways I mean when the stock market went up a lot when the real estate market went up a lot it was inflation that was driving those price increases not the real increase in the value of the businesses but the nominal price and prices are going to rise the Fed is putting money into the economy at a time where production is actually going down what's happening as a result of the corona virus is businesses are not operating goods are not being produced services are not being provided yet we are creating more demand by flooding the economy with freshly printed money you're just focusing on certain prices yes airline tickets are down nobody is flying okay gas prices are down nobody is driving this is only temporary but look at what's happening to other prices they're already rising and they're going rise even faster in two days weeks and months ahead Peter so Peter in the spirit of the terrible incident from the 90s in Rodney King's famous words can't we all just get along we have one minute left in this segment so let me ask you the question this way I understand what you're saying but I also see that production is going to get ramped up in fact if the president says way it's gonna ramped up sooner than later so in the last minute and a half we have you think it's possible that the inflation once again shows up in an asset bubble and it benefits the wealthy as opposed to the average the average person out there well inflation benefits debtors where people who have borrowed money particularly to buy productive assets and it hurts wage earners savers people who have you know say you know credit so that's going to happen but remember all of the stimulus all of the bailouts have to be funded they have to be paid by something and if the government is not gonna pay for it with taxes they're doing it through inflation the government is funding the stimulus and the bailout by stealing the purchasing power of savers and spending it into the economy but there is no free lunch but Peter just real quick in the 30 seconds left you know why do you think it can't happen as asset inflation as we've seen really since 2008 because I could see that bubble is if that bubble is popped we're not going to fund trillions and trillions of dollars of government spending simply by propping up the stock market the public is gonna have to pay the price of these bailouts and it's going to come from the reduced value of their wages the reduced value of their savings the cost of living is going way up it's the government is not taking people's money but the government is taking the purchasing power from people's money and they're gonna feel that every time they try to buy something so Peter we need to leave it there for now unfortunately go to commercial break so bottom line you still think there's gonna be price inflation here in the United States and you know who knows what the future holds you could be right thanks for joining us again today Peter thank you so much you stay with us - we'll be right back here with more coming up on the income generation we'll be right back
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