Tags: Schiff | Reckless | Bernanke | Crisis

Schiff: ‘Reckless’ Bernanke is Fueling Next Crisis

By    |   Friday, 04 Nov 2011 07:25 AM

Federal Reserve Chairman Ben Bernanke has guided the central bank to “reckless,” inflationary policy that is depressing the economy, says Peter Schiff, CEO of Euro Pacific Capital.

The Fed has lowered its predictions for GDP growth to 1.6-1.7 percent this year from 2.7-2.9 percent previously, and to 2.5-2.9 percent next year from 3.3-3.7 percent previously.

"You might call it over propaganda," Schiff tells Yahoo. "I think the U.S. economy is getting worse, and the Fed is constantly having to ratchet down its previous expectations."
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Indeed, the situation is actually worse than Bernanke lets on, “because I think there’s a lot more inflation than he’ll admit to,” Schiff says.

bernanke200apv4.jpg
Ben Bernanke
(Associated Press photo)
“If data more accurately reflected the amount of inflation that Ben Bernanke is creating, you would see that the real economy is actually shrinking.”

Today’s problems originate with the easing engineered by Bernanke’s predecessor, Alan Greenspan, Schiff says.

And now, "We have to ask ourselves 'what is the looming crisis that awaits as a consequence of the cheap money policy of Ben Bernanke, because he's being even more reckless than Alan Greenspan?'"

Some experts expect the Fed to ease even further. "He [Bernanke] repeatedly referred to his disappointment with his best judgment about the economy's prospects," Neal Soss, chief economist at Credit Suisse, tells Bloomberg.

"If you're unsatisfied, and you've got some tool that might help, in due course you're supposed to use it."

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Federal Reserve Chairman Ben Bernanke has guided the central bank to reckless, inflationary policy that is depressing the economy, says Peter Schiff, CEO of Euro Pacific Capital. The Fed has lowered its predictions for GDP growth to 1.6-1.7 percent this year from 2.7-2.9...
Schiff,Reckless,Bernanke,Crisis
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2011-25-04
Friday, 04 Nov 2011 07:25 AM
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