Some would say that Peter Schiff knows what the hell he is talking about. But it doesn’t take a genius to figure out that no matter who becomes the next Federal Reserve Chairman, they aren’t going to End the Fed, or transition us to a hard asset backed currency. They aren’t going to allow for a full Audit of the Fed’s operations. They aren’t going to jeapordize their future prospects of being re-appointed to the p[osition by going against the will of the President, and the Administration in power…Republican or Democrat. You can be sure we are in for more of the same…either QE Infinity, or a massive Economic Collapse, whose blame will be shifted away from the Central Bank and onto the “free markets” and “de-regulation.”
From the article:
After several months of acrimonious debate Larry Summers removed his name as a potential replacement for Federal Reserve chairman Ben Bernanke earlier this month. With Summers stepping aside, Fed vice chair Janet Yellen regains her spot as the odds-on favorite to replace Bernanke should he step down early next year as is widely expected.
Stocks initially responded positively the news, ostensibly because it is assumed Yellen will keep in place Bernanke’s market-friendly quantitative easing program. Not everyone is as enthusiastic at the prospect of another inflation dove filling Bernanke’s shoes.
Peter Schiff, CEO of Euro Pacific Capital and author of The Real Crash: America’s Coming Bankruptcy, thinks a Yellen appointment will spell disaster. He says Bernanke did Alan Greenspan the favor of replacing him as the worst Fed chair in history and Yellen is about to return the favor.
Read the whole article here.