Peter Schiff: ‘Phony’ Recovery ‘Another Federal Reserve Bubble Just Like The One That Popped In 2008

The CEO of Euro Pacific Capital, Peter Schiff, appeared on CNBC TV earlier Wednesday. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, talked to Rick Santelli in Chicago about the Federal Reserve, interest rates, and the U.S. economy. From their exchange:

SANTELLI: On April 1, you wrote a letter- you normally write lots of pieces- called “April Fool’s In March.” And there was a quote in there I have to read and the best way to get into it is just to read it. “It may be impossible to underestimate the gullibility of professional Fed watchers.” Why did you write that? What does it mean?
SCHIFF: Well, because remember in March you had people talking about the possibility of April being a live meeting, and everybody talking about whether or not the Fed was going to raise rates. All this is part of their bluff. It’s a charade. They really can’t raise rates because they don’t want to put too many holes in this bubble. Because this recovery was never real. It’s phony. It’s another Federal Reserve bubble just like the one that popped in 2008. Only this one is even bigger. And I think what we really should be talking about is not when the Fed is going to hike rates, but when they’re going to admit the economy is much weaker than they’ve been pretending, when are they going to cut rates, and when are they going to launch QE 4.


“Santelli Exchange: Fed ‘stimulus trap’”
CNBC Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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2 Comments to Peter Schiff: ‘Phony’ Recovery ‘Another Federal Reserve Bubble Just Like The One That Popped In 2008

  1. I can assume that the global financial crisis began to put the gifts in the world economy since 2008, and it is still too early to say that crises will be no more, the world economy is in stagnation, which may lead to collapse. I think early to reassure myself the most severe economic crises yet to come.

  2. larisa on April 10th, 2016
  3. Thanks for the comment larisa

  4. Editor on April 18th, 2016
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