Peter Schiff recently appeared on Newmax Prime with J.D. Hayworth and tackled the issue of falling oil prices and crashing stock markets, saying there is no causal relationship between the two. In fact, both are crashing for the same reason:

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Wall Street is just trying to blame the carnage in the stock market on oil prices. But that’s not really why stocks are going down. The reality is oil prices and stocks are both going down for the same reason, and it’s because the Federal Reserve is threatening to raise interest rates and the dollar has moved higher. Stocks and the oil price are adjusting down to reflect the higher interest rate and stronger dollar that everybody thinks is coming. But I think they’re wrong, because I think the US economy has already reentered recession. I think the current recession we are in is going to be worse than the one we left in 2009, and I think the Fed is going to be back to its old tricks of 0% interest rates and another round of quantitative easing.”

Peter also briefly touched on the debt crisis in Puerto Rico, saying it is a harbinger of things to come because Puerto Rico is just a microcosm of the US.