08-25-15 -- Peter Schiff - David Johnston - Paul Snow (MP3 & VIDEO LOADED)
Peter Schiff (Economist, Financial Broker/Dealer, Author) comes on the show to discuss the stock market crash - David Johnston (DApps Fund, Factom) on the recent bitcoin blockchain fork - Paul Snow (Factom, Texas BTC Conference) on the blockchain for
Tuesday, August 25, 2015
Time: 212:0 Mins and Secs
Peter David Schiff (born March 23, 1963) is an American economist, author, commentator and popular video blogger. Schiff, a licensed stock broker, is the president and CEO of Euro Pacific Capital, headquartered in Westport, Connecticut
"The dollar is very overvalued…and the dollar is a bubble," he told Newsmax Prime on Aug. 11. "This dollar bubble is going to burst."
Indeed, less than two weeks after Schiff's interview, the U.S. dollar index, which measures the greenback against a basket of currencies, has retreated 2.1% to 93.063 for a fourth-straight loss.
And U.S. markets are getting rocked with a major sell-off – last week finished out as the worst for stocks in four years…
On Friday, Aug. 21 (the last full trading session), the Dow Jones Industrial Average closed down 6.2% for a total 10.1% loss since its May peak. The S&P 500 has dropped 7.5% from its May 21 record close.
The sell-off continued today (Monday). Within minutes of the first trades, the DJIA plunged 1,000 points. Stocks quickly recovered – an hour into trading, the Dow was down about 450 points, still on track for a major loss. Futures for the CBOE Volatility Index (or VIX) – a "fear gauge" index – surged 26% in early trade, above 25% for the first time since June 15, 2012. VIX futures have soared 44% over the last four sessions of last week.
"When you look at the immediate import [the yuan devaluation] had on currencies – you get a sense as to why people are very, very frustrated with China," Jon Huntsman, former U.S. ambassador to China, told CNN on Aug. 16. [Editor's Note: For a full explanation of the Chinese currency devaluation and its effect on the dollar, click here…]