You may have seen the explosive debate between Rick Santelli and Steve Liesman on CNBC’s Halftime Report this week. Santelli admittedly “blew a gasket” when he began to challenge the conventional “wisdom” that the Federal Reserve has actually helped the economy with its quantitative easing. So was Santelli completely off-base? Has the Fed’s stimulus been successful? Absolutely not. In a longer segment on his radio show this week, Peter Schiff reviewed Santelli’s points and defended his argument that the Fed’s stimulus is actually laying the groundwork for much worse economic woes.
“When the collapse finally comes, they’re going to say, ‘Nobody could have seen this coming!’ … They’re not going to realize that this phony recovery and the economic monetary policy behind it is going to be the reason for the next crisis. But because it takes years to unfold, they can’t connect the dots, and they think that anybody who saw it early and warned about it is just a stopped clock.”
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