Tags: Schiff | Yellen | chairman | Bernanke

Peter Schiff: Yellen Will Go Down as Worst Fed Chairman in History

By Dan Weil   |   Thursday, 26 Sep 2013 09:03 AM

Janet Yellen, who will likely serve as the next Federal Reserve chairman, would probably be the worst Fed chief in history, says Peter Schiff, CEO of Euro Pacific Capital.

It will be the "same old policies," under Yellen, now Fed vice chairman, but she'll be even more dovish than current Fed Chairman Ben Bernanke, Schiff tells Yahoo.

"I used to think that Alan Greenspan was the worst Fed chairman we ever had until Bernanke was appointed. He kind of let Greenspan off the hook," Schiff explains.

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"My guess is that Janet Yellen will return the favor, and Ben Bernanke won't go down in history as the worst Fed chairman. It's going to be Janet Yellen."

She will bow to pressure from liberal Democrats to "keep stimulating the economy through cheap money, even though it doesn't work," Schiff says.

"I think she's going to be leading the Fed in a dangerous direction."

Quantitative easing will get even bigger, Schiff predicts. "When the government does something that doesn’t work, they don't reconsider what they're doing. They just do it bigger."

Schiff thinks we'll end up with a dollar and sovereign debt crisis.

Economist Allison Schrager offers much more muted criticism of the prospective Fed chairman. "Yellen is an excellent macroeconomist, and she has many years of experience as a central banker," Schrager writes in an article for Quartz.

"But both her research and resume lacks financial experience. Her qualifications may have been sufficient a decade ago, but may not be for the Fed of the future."

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Related Stories:

Huffington Post: Yellen's Not So Progressive Past

WSJ: Yellen May Be More Forceful Than Bernanke Is Inside the Fed

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