June 01, 2011
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RELATED TICKERS: GLD
This is a particularly good Schiff video. One important point he makes here is how when you print money each time you get less and less stimulant effect. The first time is the biggest high. That would be the printing under Greenspan. With QE1 the stimulant effect was very muted. With QE2 I think it is reasonable to argue that there was virtually no stimulant effect at all. The situation is analgous to taking heroin in which you have to constantly increase the dose, but even so you cannot recreate the wonderful feeling of the first high. And of course when you stop....
Some tasty bits (mix of direct quote and paraphrase while listening):
[The Fed] temporarily disguised the depression with stimulus… consumption has been pulled forward from the future… now we’re in deeper.
A strong economy and a strong currency go hand in hand.
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