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the financial markets taking another big tumble today don't don't look at your 401k or your TD Ameritrade account and the recent downturn is sparking fears of an impending recession not the r-word the Dow closing down 507 points the S&P following 54 the Nasdaq dropping 156 points in a New York Times survey shows almost half of all the 134 CEOs they pulled believe recession could hit by the end of the month with 2/3 of those polled citing political instability and trade negotiations as the major reasons so should we all be getting a little nervous joining me now he is Euro Pacific Capital CEO it is Peter Schiff welcome back to the show Peter Schiff nice to see you I'm nice to nice to be here again so what is driving the markets downward in your estimation well selling but I think most of the people who are selling are still oblivious to the fact that this is a bear market most people think it's still a correction but it's just early in a bear market I think this bear market is going to be particularly vicious but the more important thing is the recession that's coming and this is not just going to be a garden-variety run-of-the-mill recession we are gonna finish the recession that we started in 2007 and that was interrupted for ten years with quantitative easing and short present interest rates but the back half of this recession is going to be much worse than the front half now you because you have written extensively about the Fed and monetary policy exacerbating and creating a number of bubbles are we seeing that manifest and if so how well sure I mean Trump inherited a bubble that was passed down from Obama but it was the Fed that blew all the air into it and unfortunately the bubble is gonna pop on Trump's first term which means he's not going to have a second term we're still going to be in this recession on election day 2020 and the problem is not that the Fed is raising rates I mean the problem was that they slashed them to zero in the first case yet they left them there so long yes and so at this point and it didn't matter you know when they raised them or how rapidly that was it I mean we would they sealed our fate the minute they checked us into this monetary roach motel I said for the beginning it was impossible to check out and the feds about to find that out the hard way unfortunately for the country the consequences are going to be far more dire than just having to go through a horrific recession alright so politically so let's say you say with certainty we're heading into recession what can we do what about ending the Fed is that a place to start and is that a realistic solution well I mean it would be nice to eventually end it but it's not going to happen anytime soon I do think that we're going to go through a horrific period of stagflation this next recession is going to be company accompanied by yeah yes very very high inflation but the problem is that the the Democrats are going to nominate a socialist and that socialist is going to be elected president in 2020 and he or she will have a socialist Congress in 2021 and all of the blame for this collapse is going to be laid at the feet of Trump Republicans and what Trump and Republicans supposedly stand for which is lower taxes fewer regulations freer markets so unfortunately now the Trump has rebranded this bubble as his and the Republicans have claimed it for their own unfortunately they get all the blame and this is the big danger because we are going to go hard left and 2021 so investors thank you you might be slightly more alarmist than the the normative consensus but I will tell you you do speak some truth here it's very important and I think people should just start growing Victory Gardens of their own weed in order to numb themselves from the coming pain thank you so much Peter sure thank you
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