Whenever the Federal Reserve raised interest rates there was going to be a disaster. The fact that they waited so long means it is going to be a bigger disaster.
We are only going to have a crash if Janet Yellen continues to pretend that the economy is healthy and that the Federal Reserve is planning more interest rates hikes. I think the Federal Reserve will launch QE4, I think the next move by the Federal Reserve is to cut interest rates, not to raise them again. As long as the Federal Reserve keeps on bluffing, the markets will keep on falling.
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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