Call Me Stormy

Finding righteous currents in turbulent times

Operation Screw

Peter Schiff, CEO and chief global strategist of Euro Pacific Capital Inc., says the Federal Reserve Bank “has checked into the Roach Motel of monetary policy” with its new plan to buy $40 billion worth of high-risk debt monthly at low interest rates for an indefinite period of time. In an interview with Reason TV, Schiff says the net effect of the plan will be to reignite the housing bubble, cause dangerous speculation and depress the value of the dollar. He calls the QE3 decision “a day that will live in infamy,” announcing that the Fed has “sealed its fate” and put “the final nail in U.S. dollar and the entire American economy.” Here is his latest Schiff Report.

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