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with the markets in question we turn to host of boom-bust here on Artie Barton as well as Peter Schiff CEO of euro pacific capital Bart I want to start with you you host the financial show here on RT but in question is a news show our viewers might not follow the stock market as closely can you start by briefly explaining what these three American indexes the Dow S&P and Nasdaq represent as well as why you think that VIX indicator the fear gauge has gone up in the past 24 hours sure honored on you great to be with you so two things that the the Dow Jones Industrial Average is our stocks that are traded on the New York Stock Exchange it's the largest public companies there its 30 of them and then you've got the Nasdaq Composite which is a hundred companies that they look at on the technology-based Nasdaq and then the S&P the S&P 500 that really tracks both of them together it is a composite of US companies and so both traded on both NASDAQ and that the NYSC and so that is a really good gauge and all of those were down big-time yesterday but as were stocks today and also some late yesterday but today everywhere from Japan China Hong Kong even in Europe the stock 500 that's European gauge also down to the lowest level since February so this was a pretty big rout on you and Peter last time we talked you said Trump's trade policies could lead the United States into a crash do you see any indicators that this current slump could develop into something more severe well it's not Trump's trade policies that are gonna cause the crash the crash was happening anyway in fact Donald Trump gave his speech today and he said that when he was elected president or before he was elected the economy was on a verge of a collapse and he was right but now it's on the verge of an even bigger collapse because all Donald Trump did was blow more air into Obama's bubble or more accurately the Federal Reserve's bubble and what's been happening recently as the feds been raising rates they pricked that bubble and now the air is starting to come out but since this bubble is much bigger than the one the Fed created that popped in 2008 this is going to be more far more disruptive and no it's not just stocks that are in a bubble the entire economy is a bubble so the recession that's gonna follow the bursting of this bubble is actually going to be deeper and more severe than one the one that followed the financial crisis Inouye that we now call the Great Recession this recession will be greater Barr in an interview with Fox this week Trump accused the Federal Reserve of quote going wild and loco at Peter alluded to that just now he also says the Federal Reserve is what's responsible for this downturn is the president correct well using appropriate statesmen like language is usually not what we look to the president United States for he said it was crazy Larry Kudlow came out today earlier he's a chief economic adviser for the president and tried to say no the feds not crazy you know we're looking at these things people always have to be like that you know the guy after the elephants and the parade cleaning up this president on what he says but let me just disagree a little bit and we love Peter we love them on boom bus you know the numbers do matter and you can debate some of them but the economy really started making a lot of positive signs at the end of the Obama administration they've increased we can debate we don't what the value is we asked Peter the other day about wage growth we've seen some wage growth but we've also seen consumer prices going up and so if you look at those numbers two percent two point seven percent wage growth on you last month versus a two point seven percent increase in the Consumer Price Index that only means wages are just growing a little bit so the folks that are making money there's a big inequality gap in this country and the 50th there's one percent of the capital and the wealth in this country are owned by 50% that continues to exacerbate and I don't doubt Peter that we may be coming up to some recession I'm not sure when it's going to happen but this is a correction and there may be more to come well Peter the market can only ride like a bull for so long the nature of our economy is that it goes through these booms and busts hence the name of Bart's show why is that why can't we come up with something a bit more secure well we would if we had a free market but we don't we have a central bank that constantly blows bubbles and this is the biggest bubble they've ever inflated and you know all bear markets look like corrections in the beginning but then of course if they go down and up they become bear market so I think this one is potentially going to be the mother of all bear markets maybe it depends on when the federal reserve comes in and tries to save the market I don't know that it's gonna work but you know it's not that the federal reserve has gone crazy that's what Donald Trump says they've been crazy the entire time in fact raising race is the most sane thing they've done the problem is they haven't raised them enough what was really crazy was lowering rates to zero what was crazier was leaving him at zero for as long as they did what was really crazy was doing three rounds of quantitative easing and Operation Twist so this stuff they've been crazy the whole time and the economic numbers that you're talking about that we've had under Trump they were all paid for with additional debt we have run the deficit through the roof as if it was you know it was already bad enough but we jacked up government spending we reduced revenues to finance it and we bought ourselves some more time but at great cost because now we just have a bigger bubble very briefly Bart I'll let you respond as quickly as you can is it a free market that would prevent booms and busts no we've got a free market but Peters right there are some sidebars on it the Fed is one regulation is another I think we've got the best markets in the world but bottom line is yeah things are improving but he is right that debt is a problem the debt that we have now is largely a result of a 1.5 trillion dollar tax cut that was passed that's helped the economy but it's like we're all coked up and sooner or later we're gonna come down to reality and Peter may be right that it'll happen sooner than later we'll have to keep an eye on it we'll keep an eye on it and we'll bring you both back on to discuss Peter Schiff and Bart Chilton thanks so much
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