Submitted by Tyler Durden: Ahead of tomorrow's decision by the FOMC, Peter Schiff ventured on to CNBC to discuss the economy, the fed, and gold... among other things. Schiff rightly fears that while the Fed may well stop QE3 tomorrow, QE4 will not be too long behind it as he notes, rather eloquently, that "an economy that lives by QE, will die by QE" as the Fed's total lack of willingness to allow stocks to fall (see Bullard 2 weeks ago) or a 'cleansing' recession leaves the nation's economy in far worse shape than it was before the Fed's intervention. Schiff calmly replies to the anchor's questions (as she proclaims "I am not on the side of the Fed but..."), gently explains his view on gold when challenged about his 'wrongness', but when a guest starts hounding him for being dangerous to CNBC viewers wealth... Schiff (rightly) loses it - must watch!
and Schiff (while being shouted over) reminds guests, anchors, and viewers alike "Go to YouTube, I am wrong a lot less often than most people on this program... and all you do is hassle me" that he was among the very few appearing on CNBC before the crash who foresaw it and the cataclysmic shift that has occurred (no matter what the perception of short-term memory traders)..."Think of all the bulls you paraded out here when Nasdaq was 5,000"
Absolute must watch...
We can't help but feel the timing of this tirade against Schiff is spookily prophetic and will be in its own YouTube class in a few years...
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Ironically, here is Scott Nations in 2008 getting "Schiff'd" by the CNBC anchors (Liesman) and some other guest muppet when he dares to suggest the Fed is intervening and that the President's Working Group (i.e. Plunge Protection Team) is hard at work...
Yep looks normal to us... 10/10/2008
Those are 100 point moves on a 700/800 S&P!! Nothing to see here eh Liesman, Kiernan, Quick?