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

September 22nd, 2011

FAKE NEWS for the Zionist agenda

Bernanke set to crank up printing presses once again

Paul Joseph Watson
Prison Planet.com
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.

A d v e r t i s e m e n t

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 Planet.com. He is the author of Order Out Of Chaos. Watson is also a regular fill-in host for The Alex Jones Show.

Print this page.

Comment Rules

13 Responses to “Schiff: Fed Will Turn To QE3 In Failed Bid To Prevent Economic Depression”

Just more energy down the money hole, while they are literally gambling our money and wealth down their casino with insidious smiles on their faces.

Oprah Winfrey Assistant Reply:
September 22nd, 2011 at 3:01 pm

Horror vacui … the NWO candymen will make BP pelicans out of you. They have the advantage. What can bipeds who are lost in space and evolved from monkeys do?

Go to the moon? Get real, the NWO candymen can’t even go to the moon today. Too many “people” like the hoax, so let them have it.
schiff looks more comfy every time I see him…
he is fast becoming a rev-limiter(wind-governor)
“Helicopter Ben” is a bloody idiot.

Buying Treasuries did not help the first two times, does he really think in his wildest dreams that the third time will be a charm?

“Baby needs shoes!”

big log Reply:
September 22nd, 2011 at 12:53 pm

Third time’s a charm??

Sam_Wheat Reply:
September 22nd, 2011 at 3:37 pm

“Helicopter Ben” is gambling, and that’s one gambling term.

So is “Baby needs shoes!”
The economy has some serious problem for sure. Keep updated

Go to: Dailyjobcuts.com

[
Its not a failed bid to prevent economic depression as it will be a successful bid to create economic depression.The FED gets it right or it gets it wrong depending on which way you look at it.
Prevent? Cause!
Every time I see that f***ing Zionist face, I want to puke. Bernanke should be stood up against a wall and shot, then his body should be left to be pissed on, by those who lost everything with his moves. The Jews complained about Hitler, but they have far outdone Hitler for the crimes that they have committed against humanity. They literally suck the blood out of the life of everything that they touch. Bernie Madoff epitomizes them, and Ben Bernanke is following in their footstep- a giant Ponzi scheme, whereby they print money, to pay off the debt, then borrow more money from China, and buy off more politicians. The American public is getting f***ed by these bastards.

Sam_Wheat Reply:
September 22nd, 2011 at 3:38 pm

Please refer to Wiemar Republic.
I have to laugh heartily at the morons who are running into treasuries.

People – gold and silver just went on sale, do what you always do when something goes on sale!

Sam_Wheat Reply:
September 22nd, 2011 at 3:39 pm

Trample the store help to death!!!!!

Outta my way, outta my way!!!!!