U.S. Economy: We Are Already in A Recession

I think we are already in recession. I think it began last year in the fourth quarter. Although I believe we have been in a recession for the entire recovery. I never believed that this was a legitimate recover. I think the government has been understating the amount of inflation and therefore overstating the amount of growth. That game is over.

The economy was so weak in the forth quarter that by the time they redo the numbers later in the year they are going to go back and revise that 1 percent growth to negative. And there is a very good chance that we are going to have another negative number for the first quarter of this year.

(Select Sector Financial Select Sector SPDR ETF (XLF), SPDR Dow Jones Industrial Average ETF (DIA), SPDR S&P 500 Index ETF (SPY), Nasdaq 100 Index ETF (QQQ))

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Will Draghi Take Europe Deeper Into Negative Rates?

There are some rumors that they are going in that direct. And I think there are nearing the end of the negative interest rates experiment. It has been a disaster, it has blown up in their faces, it is clobbering the European banks which in many cases the stocks are trading lower than they were at their lows in the 2008 financial crisis and negative interest rates are just making the problems bigger.

(Deutsche Bank, Banco Santander, Societe Generale, BNP Paribas, Credit Agricole, ABN Amro, BPI, BCP, Banco Popular)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

The U.S. Will Monetize The Debt Eventually

When foreign governments or foreign individuals buy our bonds, then the U.S. Dollar can stay strong but if we have to print dollars to buy those bonds then the supply of dollars worldwide is exploding and people can see what we are doing, they can see that we are just monetizing our debt and every country that has collapsed has collapsed for the same reason. You can look for examples of what happened to the countries that have monetized their debt. (iShares Barclays 20+ Year Treasury Bond ETF (TLT))

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.