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Schiff: Fed Will Turn To QE3 In Failed Bid To Prevent Economic Depression

Bernanke set to crank up printing presses once again

Paul Joseph Watson
Thursday, September 22, 2011

Although mainstream financial analysts are all but certain that Ben Bernanke will now refrain from launching a third round of money printing, economist Peter Schiff told CNBC today that the unfolding global depression will force the Fed to resort to QE3 in a failed effort to prop up the plunging stock market.

The Dow tumbled and Standard & Poor’s 500 Index sunk below its lowest close of 2011 in response to the Federal Reserve’s announcement yesterday that it saw “significant downside risks” in the economy and would embark on a program to replace $400 billion of short-term debt with longer-term Treasuries.

Speaking with CNBC, Euro Pacific Capital Inc’s Peter Schiff said the collapse was another indication that a global depression was already unfolding, “An extended period of time where the markets are going to deliver returns that are much less than the real rate of inflation.”

Despite many economists hastily proclaiming that QE3 is now off the table, Schiff made it clear that today’s market reaction only made it more inevitable that Ben Bernanke would once again turn to the printing presses in a desperate bid to keep the ponzi scheme ticking over.

“I think we’ll go through a period of time where markets go sideways though for now we’ll keep falling until the fed caves in and gives the market what it wants which is more QE. It is the wrong policy but the fed always gets it wrong so I don’t know why this time will be any different,” said Schiff.

Despite the fact that the Fed has continually saturated the system with dollars, which as Gerald Celente points out are “not worth the paper they’re not printed on,” the stock market has habitually reacted like a heroin junkie, needing more and more stimulus to reach the same highs before crashing lower and lower each time. As Schiff makes clear, no one is prepared to accept the fact that the only solution is to go cold turkey.

“Nothing is changing right now. There is no real political will to do the right thing. As I said I think the fed is going to do QE3. If it doesn’t we’ll have to do TARP 2. All these banks are going to fail. All the banks that got bailed out will fail without more money printing.”

Schiff also had a message for those pointing out that gold and silver are selling off just as fast as everything else – rumors of the demise of precious metals have been greatly exaggerated.

“Right now, yes. People are selling gold because they’re selling everything but I think it’s a mistake to sell gold just like it’s a mistake to buy dollars or treasuries. Dennis Gartman said he doesn’t think gold is a safe haven. I don’t think the dollar is a safe haven. I don’t think treasuries are safe,” said Schiff, adding that the long term trends for both gold and silver are firmly upwards.


Paul Joseph Watson is the editor and writer for Prison He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.

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