Scott Nations Claims Peter Schiff Was Never Right – Ep. 140

* It was another volatile day in the U.S. stock market, with the Dow swinging from positive to negative to positive to finally closing negative, but well off the lows and the highs of the day
* The NASDAQ was only down about 15; the Dow down about 12 points
* The real action was in the currency markets: the dollar got clobbered today, a new 4-month low in the euro, 2-year low in the yen, the Swiss franc was probably the strongest currency on the day
* The dollar index actually traded in the 95 handle before recovering slightly back up above 967
* Gold, several times flirted with $1200 again, couldn't quite make it there; the highest I saw it was $1198, it didn't touch $1200
* The gold stocks got hammered - they were down about 4% today, I guess the fact that gold could not break through to $1200 caused people to sell gold stocks, even though there was very little selling in gold itself
* What I want to discuss on today's podcast is my appearance on CNBC's web program, "Futures Now"
* My appearance was promoted on television, although this appearance was actually on CNBC.com
* They like to have me on, because I am good for their ratings online
* The YouTube video of my appearance is posted on my Facebook page
* Go back and look at my last several appearances on Futures Now with Scott Nations, who constantly wants to remind everybody how wrong I am about everything
* They have to admit that I was right about several things
* When I was on their show the day after the rate hike and also several times before the rate hike
* I said I did not think the Fed could raise rates because it would push the economy into recession, cause a bear market in stocks - basically prick the bubble
* I did not think the Fed would be willing to put themselves in the difficult position of having to reverse the rate cut and lose credibility
* Up until December, I was right.  But even I had started to admit that the Fed might do such a thing by the time they actually did it
* Look at what's happened.  It's been a blood bath since they've raised rates
* Look at what's happening in the financials - they've lost half their value
* Look at gold: I said if the Fed raised rates, Gold would go up- it went up from $1050/oz. the day after they raised rates to $1200
* I said if the Fed raised rates, the dollar would go down and now it's at a 4-month low - Gold's at a 7-month high
* Dollar going down, gold going up, stocks getting crushed that's exactly what I said
* You'd think they would at least acknowledge that I got something right
* But then, you'd be wrong
* Host Jackie DeAngelis' introduced me by saying, "Peter Schiff claims he got everything right!"
* They are implying that they disagree that I was right about the consequences of the rate hike
* In the article on the interview, they misquoted me by saying that I claimed to get everything right.
* I did refer back to my published quotes, which clearly state that I thought the market and the dollar would tank and gold would go up if the Fed actually raised rates.
* Scott Nations said, "I don't know if Peter Schiff got anything right"
* All the forecasts on "Futures Now" I made the day after the Fed raised rates were correct and Scott Nations got everything wrong
* The very first thing the host said to me on my interview was that I was wrong, in that I said it was impossible for the Fed to raise rates
* I did not say that.  I said it would be impossible for the Fed to raise rates without causing the stock market to go down,

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