Peter Schiff: Stimulus Doesn’t Help the Underlying Economy
Peter Schiff appeared on RT Boom Bust along with Michele Schneider of MarketGauge to talk about market reaction to the stimulus stalemate, the impact of the upcoming election, and the prospects of the dollar.
The interview was recorded before President Trump tweeted the rug out from under the hope of a stimulus deal and cut off negotiations with the Democrats. At the time, Peter said it was certainly possible we could get another round of “so-called” stimulus, but none of it actually helps the underlying economy.
It doesn’t do anything to increase productive output of the economy. It does stimulate the markets. It makes stock prices go up. So clearly, there’s an interest for that. But that doesn’t help the actual economy. All it does is debase the value of our money.”
Peter said he thinks the prospects for a Biden victory is decisively negative for both the economy and the stock market.