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Peter Schiff: 'The Truth Is We Don't Have A Booming Economy'

• moneymaven.io by Mike Mish Shedlock

October was the worst month for global equities in more than six years. Globally, stock markets lost 7.5%, their worst month since May 2012. Even with the late rally, it was the biggest monthly decline in the Nasdaq since 2008.

"All of the bulls were out in force on the financial networks claiming that the correction is over. Everybody was confident that the lows are in, that the big back-to-back rally is proof and you better buy now, otherwise you're going to miss the rally, and this is the typical correction and now it has run its course. And you know what? If this really was the end of the correction, most likely there wouldn't be so many people that were so confident that it's over. You'd have a lot more fear, especially on Halloween. The fact that there is no fear, to me, shows that it's more likely that this is not the end of the correction, but the beginning of the bear market and that this rally is a correction." –Peter Schiff via Seeking Alpha

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