When I say the Fed is never going to raise rates, I am talking about on its own terms, because the Fed wants to. I know that eventually they are going to have to. See, that is another difference between me and Yellen, or something that Yellen does not understand.
I know that at some point the Federal Reserve is going to lose control of this process and they are going to have to raise interest rates. And then it is going to be a complete catastrophe, it is going to be much worse. The crisis that the Fed is trying to avoid by keeping rates at zero is going to be much bigger when it is ultimately forced to raise them from zero and of course it is going to have to raise them much higher because it has waited so long.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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