The fact of the matter is, they have no intention of tapering. The markets still haven`t figured that out, despite the fact that today, Dennis Lockhart, who is the President of the Federal Reserve Bank of Atlanta, was on CNBC and this is what he said: "We will not taper our bond buying until the economy is ready."
We will not taper our bond buying until the economy is ready, what kind of commitment is that? I think he knows the economy will never be ready. I mean ready is always subjective, when will it be ready? It`s like a drug addict saying, "Yes, I will stop taking drugs when i no longer need the drugs to stay high. Well, you always need the drugs to stay high. We are high on monetary stimulus, we are high on QE.
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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