Authored by Mac Slavo via SHTFplan.com,
According to Peter Schiff, the chief global strategist at Euro Pacific Capital, it was a “huge mistake” for the Federal Reserve to cut interest rates last month.
Peter Schiffに言わせると、彼はEuro Pacific Capitalの主任グローバルストラテジストだが、先月のFEDによる金利引下げは「大きな間違い」だった。
Schiff says there is no way for the Federal Reserve to stops the United States from going into a recession.
Schiffによれば、もはやFEDは米国景気後退を止めれない。
“They never should have taken rates to zero in 2008 and held them there for 7 years,”the veteran economic analyst told RT. “Zero
interest rates and quantitative easing have created problems in our
economy that will take generations to fix. However, the healing will
never get underway if the Fed goes right back to zero (which is where they are headed).”
According to Schiff, it’s impossible to build a viable economy on the
back of artificially low interest rates. “All it accomplishes it to
push up asset prices, creating bubbles and malinvestments that hurt the
economy. Relying on low interest rates for growth makes it certain that recessions will ensue when monetary policy tightens,” he added.
“the Fed is not causing the recession; they are just unable to delay it any longer.”
「FEDが景気後退のげんいんではない;彼らがもう先延ばしを出来ないということだ。」
Unfortunately, if interest rates are “allowed” to rise organically to
levels that reflect a healthy economy, the interest payments on
government debt will sink the government and that’s exactly why
President Donald Trump is desperate for artificially low interest rates.
Schiff has commented on a coming recession often, saying if it hits
before the 2020 election, Trump will have no chance of winning. Schiff
also said that “We’re Not Borrowing Ourselves Rich, We’re Borrowing Ourselves BROKE!” Meaning he sees a problem in the debt accumulation among the average American household. It
now takes a lot of debt to stay in the middle class, and the political
class isn’t setting a good example by being good with the money they
steal from everyone else. Schiffは何度もこれからの景気後退に言及する、2020年の選挙前に景気後退入りすると、トランプに勝ち目はないだろう。Schillはまたこういう、「我々は借金で豊かになるわけではない、借金で破綻しようとしている!」彼は平均的米国家計債務の問題を指摘している。いまや中産階級が多額の債務を抱えており、他人から奪った金で良い暮らしをするというのは、政治階級としてまともじゃない。
Schiff puts the GDP numbers into perspective, and considering the
debt load the U.S. economy is burdened with, the outlook isn’t all that
rosy. And of course, it’s not just government debt. Household debt is also at record levels and as Schiff says, “We’re not richer because of this economic growth.” SchiffはGDPの見通しにも言及する、債務負荷を考えると米国経済の返済日無で経済見通しはバラ色ではない。そして当然、それは政府債務だけではない。家計債務も記録的レベルに達して入る、とSchiffは言う、「この経済成長でも我々は豊かになっていない」。
“So, we had to add a lot more debt in 2018 to buy not as much growth
as a much smaller amount of debt in 2005. So, the takeaway from that is
this is unsustainable because the growth came at a heavy cost. We had to
increase the amount of debt that we had by a lot more than the
percentage that the economy grew.”
“If your debt is growing faster than your economy, then you’re not
getting richer. You’re getting poorer. You would have been better off
without the debt and without the growth … We’re borrowing ourselves into poverty. We’re not borrowing ourselves rich. We’re borrowing ourselves broke.“-Peter Schiff, via Seeking Alpha
「自らの収入よりも債務増加が多いなら、豊かになれるわけがない。貧しくなるだけだ。成長がなくとも借金がなければミンさんはもっと良い暮らしができるはずだ・・・我々は借金することで貧困化している。借金で豊かになっているわけではない。借金で破滅に向かっている。」Peter Schiff, via Seeking Alpha
Amazonで買物をしてContrarianJを応援しよう Albert Edwards: This Was The Final Recessionary Shoe, And It Has Now Fallen by Tyler Durden Thu, 06/27/2019 - 12:45 Exactly three months ago, in late March, the 3 month-10 year spread inverted for the first time since 2007... ちょうど3か月前の3月遅くのことだ、3M10Yスプレッドが2007年以来初めて反転した・・・・ ... an event which sparked near-panic in the market as historically curve inversion has preceded the last 7 recessions. ・・・市場は準混乱状態になった、というのも歴史的に見てイールドカーブ反転が過去7回の景気後退の前兆となっているからだ。 However, while the inversion was certainly a memorable event, the question on everyone's lips is how do risk assets perform once the curve flattens and/or inverts. According to backtests from Goldman, since the mid-1980s, significant stock drawdowns (i.e. market crashes) began only when term slope started steepening after being inverted. ...
Powell Keeps The Bond Bull Kicking Written by Lance Roberts | Mar, 21, 2019 In a widely expected outcome, the Federal Reserve announced no change to the Fed funds rate but did leave open the possibility of a rate hike next year. Also, they committed to stopping “Quantitative Tightening (or Q.T.)” by the end of September. 多くの人が予想したとおり、FEDはFFR変更をしないだけでなく来年も不明とした。さらには、QTを9月末に終えると約束した。 The key language from yesterday’s announcement was: 昨日の発表の重要な部分はこういう具合だ: “ Information received since the Federal Open Market Committee met in January indicates that the labor market remains strong but that growth of economic activity has slowed from its solid rate in the fourth quarter . Payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low. 「1月のFOMC以来の情報を分析すると、労働市場は強いがQ4に比べると経済成長は鈍化している。2月の雇用環境にほとんど変化がなかった、ここ数ヶ月確実に雇用は増えている、そして失業率は低いままだ。 Recent indicators point to s...
Amazonで買物をしてContrarianJを応援しよう "On The Precipice" by Tyler Durden Mon, 06/24/2019 - 14:30 Authored by Kevin Ludolph via Crescat Capital, Dear Investors: The US stock market is retesting its all-time highs at record valuations yet again. We strongly believe it is poised to fail. The problem for bullish late-cycle momentum investors trying to play a breakout to new highs here is the oncoming freight train of deteriorating macro-economic conditions. 米国株式は記録的バリエーションのもとで再度過去最高を試している。私どもはこれが失敗すると強く信じている。景気拡大終盤で強気のモメンタム投資家が新高値を試そうとしていることの問題は、マクロ経済条件の悪化にある。 US corporate profit growth, year-over-year, for the S&P 500 already fully evaporated in the first quarter of 2019 and is heading toward outright decline for the full year based on earnings estimate revision trends. Note the alligator jaws divergence in the chart be...