Tuesday, June 4, 2013

Peter Schiff: Fed Advisory Committee Admits QE Has Failed

In his latest video blog, Peter Schiff picks apart the data the media keeps touting as proof of a recovery. He analyzes the Federal Reserve Advisory Committee’s latest meeting minutes in which they admit quantitative easing has been a failure, confirming all the claims Peter has made for years about the real effects of QE. Peter also talks a bit about a possible bottom in the gold price after a drop in the spot price on Friday corresponded with the biggest weekly gain for gold stocks since January 2012.
“[The Fed's Advisory Council is] admitting that the Fed’s monetary policy has not been effective. It hasn’t produced legitimate economic growth. All it’s done is inflate asset bubbles that have made us feel good, that have made us borrow too much money and spend too much money. The Fed has completely distorted the market, and that when the QE stops it’s going to be a complete disaster. That’s basically what they say. The party’s going to end and it ain’t going to be fun.”

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