C’mon, Schiff—we’re waiting. Where’s the dollar’s collapse, the sky-high inflation, societal chaos, the oceans of fire?
The last two may be a stretch, but the outspoken head of Euro Pacific Precious Metals has warned of the dire consequences of Fed action for what seems like forever (or at least since the first round of quantitative easing). Those consequences have yet to reveal themselves.
Federal Reserve Chairman Ben Bernanke said Wednesday that he didn’t believe the Fed was fueling a stock market bubble with its accommodative policies.
Schiff told The Daily Ticker on Friday that the Fed couldn’t see a bubble if it popped in its face.
“In fact, Ben Bernanke himself said there was no real estate bubble even after the real estate bubble burst,” Schiff told the website. “I don’t think there’s necessarily a bubble in the stock market. There’s certainly a bubble in certain types of stocks that are way overvalued as a result of all the cheap money Ben Bernanke has been creating.”
That doesn’t mean the Fed’s unprecedented policies of near-zero interest rates and bond buying are without consequence.