No Track Record of Getting Anything Right

Will the Federal Reserve raise rates in June?

Peter Schiff says it’s immaterial.

Peter appeared on CNBC’s Fast Money and created a firestorm when he said he sees this as a repeat of what happened at the end of last year and suggested everybody knows the Fed is at the end of its tightening cycle.

“I do believe the Fed will put a floor beneath the market by printing money. But the ultimate collapse is on the dollar. It hasn’t happened yet, but the Fed is going to sacrifice the dollar.”

“That’s what we do. We print money because we can’t repay our debts.”

“Puerto Rico is broke. We all know that. But it was broke two years ago. It was broke three years ago. Why didn’t anybody care? The creditors kept lending them money even though they were broke. Well, eventually people wake up and they realize the debtor is broke. America is more bankrupt than Puerto Rico.”

“[The Fed] felt they were in the catbird seat right before the financial crisis. Do you think there was a single person on the Fed that had any concern about the housing market? About the mortgage market? They were blind as a bat. Janet Yellen was the leader of the deniers. She thought everything was great, there was nothing wrong, and we were around the corner from a complete collapse. They have no track record of predicting anything.”

Reprinted from SchiffGold.com.

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