Speculation abounds whether the Federal Reserve will implement another round of quantitative easing (QE) at its meeting this week.

Peter Schiff, CEO of Euro Pacific Capital, says QE3 is coming, whether it’s this week, next week or in a couple months. And he doesn’t think that’s a good thing.

“The U.S. economy is addicted to QE,” Schiff tells Yahoo. “But if the Fed had any backbone it wouldn’t supply the heroin anymore. It would let the market restructure without QE, which is what we need.”

Editor's Note: The Truth About the Economy — Government Documents Lead to Eerie Conclusion

Artificially low interest rates are what prevent the economy from enjoying a more bountiful recovery, he says. Gross domestic product grew a measly 1.7 percent in the second quarter.

“The Fed can engender a phony recovery with QE, but it won’t last,” Schiff says.

“That’s what’s happening now, because QE2 is wearing off. … All this is counterproductive. It’s exacerbating the fundamental and structural imbalances that underlie the economy.”

Bottom line, he says: "as long as the Fed is doing QE, this recession, and I call it a depression, is going to get worse and worse and worse."

Many others doubt the effectiveness of QE3 too, saying it won’t even cut long-term interest rates as the Fed hopes, according to Learnbonds.com.

That’s because the money that the Fed injects into the financial system buying bonds boosts inflation and thus rates, Learnbonds.com says. The Fed action also would push investors from bonds to stocks, again lifting rates.

Editor's Note: The Truth About the Economy — Government Documents Lead to Eerie Conclusion