In the latest episode of Peter Schiff’s Podcast, the renowned money manager talks about Donald Trump’s inauguration speech.

Peter is worried Trump’s speech did not focus on the immediate pain that the US economy will face if Trump actually does the right thing, by cutting government spending. Unfortunately, Schiff is doubtful about the new Trump Admininstration and whether or not it will do the right thing. He thinks its more likely Trump will choose to ‘kick the can down the road’ and behave much like the Obama Administration.

In the last half of the podcast, Schiff turns his attention to Janet Yellen and the Fed. Many have hinted, Yellen could be replaced in a Trump Administration. Schiff is doubtful the Fed actually intends to raise rates significantly in 2017.

Schiff explains that,

“The reality is, all they do by cutting rates is blow bubbles; the Fed can’t micro-manage the economy. That is their hubris. And because they think they’re so good at managing the economy the rest of us have to suffer with a rising cost of living and higher interest rates.”