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now he's completely wrong I mean if he's being honest he doesn't know what he's talking about remember when I was on your program before the Federal Reserve made the mistake of raising rates I said that three things were going to happen in the markets if the Fed raised rates that the US stock market would go way down that gold would go up and that the dollar would go down and now all three of those forecasts have come true in fact both is now about nine percent higher than it was the day after the Fed raised rates you reported earlier the dollars at the lowest has been since October and the stock market i believe is already in a bear market and in fact i think the US economy is in a recession right now and I think this recession is going to last longer and it's going to be even deeper than the Great Recession of 2008 2009 so we're going to have to rename that recession because this one is going to be greater a bobb degree well it's hard to see why it could be a greater household balance sheets which was really the problem before and all of the mortgage-backed securities that were based on poor household balance sheets households are in much better shape banks have been recapitalised debt house private debt is far lower than it was before job growth is fantastic we had a record car sales last year housing activity is still really good consumer average wages are going to hit three percent this year they're already rising at the fastest rate of the cycle and the real incomes with the drop in food and energy prices are soaring you know we've never had a recession from a plunging oil prices only because of a spike that's not happening now yeah you know that's yep that's that's all pure fantasy you know the only reason that jobs are being created is because so many Americans now have two or three part-time jobs we're destroying real jobs goods-producing full-time jobs and we're replacing them with service sector jobs low-paying temporary part-time work that's the real story yes we have a car sales going up because there's an auto bubble you know we have a bubble in auto finance that's going to burst so this this recovery is a fantasy and we have a lot more debt the national debt has doubled the Obama administration a national jet just went through 19 trillion we have a lot more debt now than we had eight years ago the Federal Reserve has a huge balance sheet full of toxic debt it's got what afford a half trillion dollar balance sheet corporations are levered up like like never before and you know households they don't have the real income I mean that's why you have so many people living with their parents because they can't afford to move out this has been a decimation in the US economy and people are just looking at some of these superficial numbers and not looking beneath the surface to support a disaster the Fed has made of this economy they took all the problems that we had in 2008 and made them much worse okay so so Peter here's the thing right I mean how do we get ourselves out of this old rut that we've dug ourselves in you've got that Davos consensus or the elite they just wrapped up a little while ago saying the look the way forward is for central banks to continue stepping on the pedal goes even deeper and further into this whole QE experiment everybody I mean they're leaving on everybody to do that the ECB boj except for the Fed because they're going the other way how hard is it going to be the better the Fed defenders only track the Fed is only yep the Fed is only pretending to go the other way I said this on your program that if the Fed actually raised rates the next thing they would do is cut them you know everybody wants to pretend the Fed is going to raise rates because the US is supposedly the only example that quantitative easing actually works but it didn't work it was a complete failure but everybody wants a percent pretend it was a success so they want to pretend that we're going to be raising rates we're not we're going to go back to zero in fact we're going to go negative we're probably going to be lower than Europe or Japan and we're going to back up the truck with QE 4 which is going to be bigger than qe3 at but none of it works all of this is counterproductive it's all like throwing gasoline on a fire it's all this cheap money that is the biggest problem in the global economy the answer is not more cheap money the answer is to reverse course we need higher interest rates not lower interest rates and governments need to balance their budgets not keep spending more money and expecting central banks to monetize it
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