Enjoy this excellent audio interview with Jim Rickards, author of Currency Wars, on the Korelin Economics Report. Rickards dissects the Fed’s forecasting record and explains why quantitative easing is destroying the economy.
“The Fed’s forecasting record has been abysmal. The Fed has been wrong four out of the last four years in terms of their growth projections… They’ve been wrong by a lot. Sometimes they project 3 1/2 to 4% growth and it comes in around 2%. Sometimes they lower the forecast to 3% and it comes in at 1.5%. So you shouldn’t put any stock in the Fed’s forecast at all. In fact, as a guide, you should kind of assume the opposite or at least a lot worse than what the Fed is saying. You have to look at the fundamental economy, [which] is in terrible shape.”
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