Peter Schiff appeared on Fox Business yesterday to debate James Cordier about the state of the United States economy. While their conversation was friendly, Peter posed some tough questions that never got answered.
“Every time [the Fed] launched QE, they always followed it up with another one. They’ve never claimed that they were going to do it. Everyone thought, ‘Well, they’re going to do QE and then the economy will recover and they’ll be able to raise rates.’ They’ve never followed QE with a rate hike. They’ve always followed it with a bigger dose, because it doesn’t work…”
Then Peter asked:
“If you’re so bearish on the global economy, and you believe the Fed is going to tighten and ultimately shrink its balance sheet, which is something the Fed has never done really in its history. The balance sheet always expands. So we’re about to have a tight monetary policy and we’re going to have a weak global economy – how is the US economy, in isolation, going to withstand this?”
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