Investment broker and financial commentator Peter Schiff joins the show to reveal that the Federal Reserve’s monetary expansion program, called Quantitative Easing is destroying the middle class and pushing the American economy towards a cliff under the illusion of an economic recovery….
The US govt spends 10% GDP more than it receives in revenue. The US govt spending is counted as part of the GDP. Therefore, the so-called 2% GDP growth is actually -8% GDP decline. The govt and the FED are papering over the truth about the economy. All currencies worldwide are based on the US dollar. Therefore, all currencies will collapse simultaneously. The initial signs will be unexpected spikes in interest rates, bank failures, and legislation to protect (confiscate) retirement accounts.
In response to this week’s conflicting policy statements issued by the Fed, Peter said, “They checked into the ‘Roach Motel’ of monetary policies because they can get in—but there’s no way to get out. So what they do is they bluff. They pretend there is an exit strategy knowing that exit is impossible…they just have to maintain the pretense as long as they can, before the market figures out the true predicament they’re in.”
“No matter what Ben Bernanke says, between now and the time he’s supposed to taper, he will come up with an excuse why he can’t and I think he already knows this. But he can’t let the market know that the whole recovery…is merely a temporary by-product of the QE, and that the minute you remove the QE—we’re right back in recession.”