Economic analyst Peter Schiff, who accurately predicted the 2008 recession said recently thatwe are not in a bear market. Instead, “we’re in a house of cards that the Fed built.”
Schiff is referring to the Federal Reserve, the United States’ central bank that answers to no one, has no competition, and has been responsible for every depression and recession since its inception. Schiff, who is the chief executive of Euro Pacific Capital, a longtime gold bug and market pundit, has been putting the upcoming economic disaster squarely on the shoulders of the Fed -very much where that blame belongs.
Schiff says that after a decade of “easy money” policies, such as money printing and low interest rates, the Fed has set up an economy unable to cope with a rise in rates.