This is the first podcast I've been able to record since the death of my father, Irwin Schiff, who passed away on Friday

If you're interested in learning more about him and the circumstances surrounding his death, I would encourage you to read my commentary, "The Death of a Patriot"

There also links to many other articles written about him on my Facebook page

You can also find on my YouTube channel, my father's debate for the 1996 Libertarian Nomination for President

You can also find on the internet a video he created called, "The Secrets of a Tax Free Life"

He died in jail because of his political beliefs and for standing up for his Constitutional rights

While in prison, my father got insufficient medical care, he lost all his teeth, lost his eyesight and eventually died of cancer

In my father's case, even if he were wrong, the penalty should have been a civil case

My father was steadfast in his beliefs, and did not want to be released unless he won his appeals

The Dow was up more than 300 points today

The strength came from the ECB, as Draghi suggested that the ECB was considering expanding QE

The ECB is trying to talk the euro down

The ECB did not actually do anything, they just jaw-boned the markets with the idea of more QE

This was a euro story - the dollar was only up against the euro

The New Zealand dollar was up 1.3% against the U.S. dollar

Gold was up 2% in terms of euros

Silver was up .15 in dollars despite the big jump in the dollar index

This lays more foundation for the Fed not to raise rates

At some point, I think the Fed will another round of QE

The reason Draghi suggested QE was over fears that inflation is too low

It is running at .9%, but according the ECB, the holy grail is 1.9%

Draghi was asked why he is spending so much money to raise inflation when he earlier said that low inflation is good for purchasing power

How does the ECB think they can pinpoint inflation to exactly 1.9%?

Draghi's answer was that low inflation makes debt harder to repay

What Draghi is saying is that it doesn't reduce debt enough

Why is it good to transfer wealth from creditors to debtors?

He also said that with low inflation, real wages will rise

Why is this a problem? Because the government artificially boosted wages in the first place expecting inflation to mitigate their true effect in the economy

What's really too high is not so much wages as labor costs, due to government mandates

We want workers to have higher wages in a free market based on their productivity

All that is undermined in the ECB's quest to generate inflation

Draghi also questions the accuracy of is numbers

Central bankers are trying to prop up the stock market and the government

The real debt the central banks want to wipe out is government debt

This is not what central banks are supposed t do, they're supposed to be independent

Another reason the U.S. market might have been strong is because of all the weak economic data that came out

Housing was stronger than expected, but everything else was pretty weak

The Chicago Fed National Activity Index, which was -.41 came in at -.37 - back to back bad months

Also leading economic indicators experience their biggest drop in almost 3 years to -.2

Last month was also revised down

Also the Kansas City Fed Manufacturing Index negative again

Bloomberg's economic expectations index is at its lowest level since 2013

All these indicators suggest recession on the horizon

This is music to the ears of Wall Street traders because it means the Fed will continue to play the cheap money tune

I don't think the smaller countries that don't have debt problem will follow the Pied Pipers of inflation down the primrose path

I think you are going to see a big drop in the dollar

There are currencies that are gaining strength and will continue to gain strength especially with the Fed has to come clean