Peter Schiff : China is not The Problem , US Problems are ‘homegrown’

 In the first half of this year, global trade contracted at a rate not seen since the financial crisis according to new data out of the Netherlands Bureau for Economic Policy Analysis, which oversees the World Trade Monitor. Economists at the Bureau says world trade fell 0.5% in Q2 compared to the first quarter. They also revised down their estimates of global trade in Q1, leaving that quarter with a 1.5% contraction. Ameera David weighs in.

Then, Edward Harrison sits down with Peter Schiff, CEO of Euro Pacific Capital, to discuss the volatility in Chinese and US markets. Peter sees the US problem as both worse and homegrown. He expects the Fed to eventually respond with yet more quantitative easing.

After the break, Boom Bust’s Bianca Facchinei reports on the criticism by Joseph Cannataci, the very first privacy chief of the United Nations, of UK government surveillance. Then Boom Bust’s Erin Ade tells us how Apple CEO Tim Cook emailed CNBC host Jim Cramer information related to Apple’s financial performance in China that some say could violate the fair disclosure rules of the US Securities and Exchange Commission.. And in The Big Deal, Ameera and Edward talk about the upcoming Fed pow-wow in Jackson Hole Wyoming and Fed policy given recent events in the markets and the overall state of the US Economy.





Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.