Everybody is wrongly anticipating that the Federal Reserve is going to tighten. They believe that Quantitative easing has worked, that zero percent interest rates have worked and because they worked, they are no longer needed.
Well, the fact of the matters they are needed now more than ever before. Because they did not work in creating a legitimate economic recovery, all they did was inflate a big bubble. And you cannot keep the bubble inflated without the air. So, the Federal Reserve cannot suck the air out of the bubble and expect it to keep expanding.
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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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