Peter Schiff: The Economy Is Not Volatile. “This Is The Beginning Of A Much Bigger Crisis!”

Monday, January 14, 2019
By Paul Martin

Mac Slavo
January 14th, 2019

In a recent interview with the media outlet, RT, Peter Schiff declared that the talking heads who call the economy “volatile” are wrong. Schiff says the economy isn’t volatile, it’s a bubble, and “this is the beginning of a much bigger crisis.”

“It’s not a volatile economy, it’s a bubble economy. Thanks to the Federal Reserve, they inflated an even bigger bubble, on purpose, than the one they inflated by accident that popped in 2008. And so the economy is in much worse shape structurally today than it was before it fell apart the last time. So, this is the beginning of a much greater crisis, of a much greater recession than the one that we experienced back in 2008.” -Peter Schiff, via Seeking Alpha

During a recent interview on RT News with Rick Sanchez, when asked what the Federal Reserve did wrong, Schiff replied “everything,” but there were some mistakes that were more glaring and disturbing than others.

“But the biggest things they did wrong were lowering interest rates down to zero, practically, and leaving them there for pretty much the entirety of the Obama presidency. And then they’ve barely raised them. They’re still at 2%, which is very low. They also did all the quantitative easing where they printed a bunch of money and bought US government bonds and mortgage bonds. That enabled the housing bubble to reflate, and that enabled the US government to go much deeper into debt. So, the government didn’t cut spending, which is what we needed. They increased spending. But it also enabled corporations to lever up and buy stocks. It enabled more Americans to go deeper into debt. So, it took a gigantic debt bubble and made it much bigger. And so now we’re on the precipice of a much worse crisis.” –Peter Schiff

The Rest…HERE

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