Will the Fed lend a helping hand to the stock market? - Analysis by Peter Schiff, video
It was not a 1987 "Black Monday" yesterday, but it was definitely logged in record books. The U.S. media is putting the blame on China. However, CEO of Euro Pacific Capital Peter Schiff sticks to another opinion.
Dow is down about 11% on year to date, while the Chinese market is not even down 1%, Schiff says, specifying that it was just 0.75% lower on year until yesterday.
So, there is not only China collapse, as stocks are falling all over the world in emerging and developed markets, as well as in the United States. China falls for the same reason all others do. And the real "criminal" here is the Federal Reserve Bank.
While 95% of economists all over the world reiterated the bank was going to hike in September, here we go, the market collapsed. Once again, Schiff is determined the Fed has been bluffing...
Schiff's uncompromising stand is vivid not only in this analysis of his, but also in his reflections on the dollar bubble and gold possibly surging to $5,000 /oz.
