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Peter Schiff Says Fed Is Trapped Can’t Taper

The Federal Reserve has no intention to pull back on its monthly bond buying and instead is more likely to increase it due to economic weakness, investment pro and gold advocate Peter Schiff said.

Fed Chairman Ben Bernanke is trapped in a “monetary roach motel” that will force the central bank to continue quantitative easing, in turn leading to a major economic crisis, Schiff added.

“The recovery that the Federal Reserve is bragging about helping create is 100 percent dependent on the quantitative easing that it is supplying,” the CEO of Euro Pacific Capital said Monday during IndexUniverse’s Inside Commodities Conference. “Like every drug, the economy’s going to need more of it to sustain the phony economy. … Far from diminishing QE, the next big move is going to expand it.”

via CNBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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