“I knew that when they first started doing QE that they would never stop. Because I knew it wouldn’t work,” Mr. Schiff, CEO of Connecticut-based Euro Pacific Capital, told me during a recent Toronto visit. “Which is why they’re not going to taper. They can’t come out and admit that, so they pretend that they’re going to. Just like they used to pretend they had an exit strategy. Now they don’t pretend any more. They’re never going to sell those bonds.”
He likens the Fed’s monetary policy to a jetliner, with Mr. Bernanke in the pilot’s seat. “He knows how to take off and he knows how to fly. … But he never learned how to land. He can’t tell the passengers, because they’ll panic. So he has to make excuses. Meanwhile, he’s trying to look through manuals. The problem is there’s a limited amount of fuel, so he can’t procrastinate forever.”
- in The Globe and Mail : Read More >>>>>
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.
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