- Peter Schiff – World is Headed Off the Edge of the Fiscal Cliff!
With gold rallying $30 off the lows and global stock markets mixed, today King World News interviewed Peter Schiff, CEO of Europacific Capital, to get his thoughts on what lies ahead. Schiff told KWN when the Fed will come in with QE3, but first, here is what Schiff had to say about the action in the gold market: “People jumped on the fact that Ben Bernanke didn’t come out and say we’re doing QE3 right away, as a reason to sell gold. But if you believed that QE3 was coming before he spoke yesterday, he said nothing during that testimony that would alter what you believe.”
What Ben Bernanke said is he will do QE3 if he thinks the economy needs it. He was asked if he would take QE3 off the table, and he said, ‘No.’ What would make Bernenke think QE3 is needed? It would be a weakening of the economy. More unemployment, weaker GDP growth, well that’s coming. Nothing has changed at all. It’s still full speed ahead towards the edge of the real fiscal cliff….