On CNBC Asia on Wednesday night, Peter Schiff defended his forecast that the Federal Reserve is very unlikely to raise interest rates in December. He argued the Fed is focused on keeping a market bubble inflated, instead of allowing the US to experience a painful, but necessary economic recovery. Peter pointed to companies like Amazon as proof that market valuations are completely out of line with fundamental realities:

Amazon sells stuff for less than it costs. They just keep selling stuff and losing money… This is the problem everybody has – when you have companies that are selling at a loss because they’re trying to drive their revenues, not their profits. Because the people buying the stocks just don’t care.”

Video Length: 00:06:19

Highlights from the interview: