Peter Schiff spoke with Yahoo! Finance yesterday. The anchor was skeptical of Peter’s forecast of the United States sliding into a recession in the first quarter of 2016. She pointed to the low unemployment rate as the sole reason for optimism. Peter explained why employment is a lagging indicator, and reminded her of Fed Officer Bullard’s history of hinting at the Federal Reserve’s real agenda:

Today, Bullard tried to throw the market a lifeline by trying to insinuate that maybe the four rate hikes the Fed has already telegraphed are coming for this year – well, maybe they might come a little bit slower… The last time that Bullard really saved the market was back in October of 2014 when he hinted at QE4. This time, I think, the Fed is going to have to more than just hint at it…”

Highlights from the interview:

“Today, Bullard tried to throw the market a lifeline by trying to insinuate that maybe the four rate hikes the Fed has already telegraphed are coming for this year – well, maybe they might come a little bit slower, because he’s concerned that inflation won’t be high enough with the oil price going down. But I don’t think that’s going to be enough to stop the market. The last time that Bullard really saved the market was back in October of 2014 when he hinted at QE4. This time, I think, the Fed is going to have to more than just hint at it. I think they’re going to have to reverse their rate hike, go back to zero, and actually launch QE4 to prevent a bear market from really taking hold in the US…

“[The Fed] still wants to toe the administration’s line. President Obama – you heard in the state of the union address earlier this week trying to claim that the US economy is the greatest in the world and that everything is great. Obviously if the Fed has to come to the economy’s aid with another stimulus package, that would certainly prove that the economy is not nearly as strong as the President is pretending it is. I think they’re reluctant to admit how weak the economy really is. I think we’re already back in recession. The question is when will the Fed acknowledge that and what will they blame it on? …

“I’m buying gold. Gold has been beaten up pretty badly over the past few years based on the false belief in this recovery. I think when people see it for what it is, you’re going to see a spectacular rise. I’m positioning for all the things that people are going to want to buy once they wake up to reality and get out of this fantasy…”