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Peter Schiff continues: 


“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....


Continue reading the Peter Schiff interview below...




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“I think the risk to the US financial system is imposed by Washington.  It’s a problem of our own making. 


In fact I think the European problem is actually more of our salvation.  As a result of people being worried about Europe, the dollar is being propped up, Treasuries are being propped up, and that’s benefitting our economy.


To the extent that Europe deals with its problems so that the euro is no longer a concern, then America’s problems are going to way much more heavily on our country.  Right now we don’t have to deal with them.”


When asked what the eventual impact of QE3 will be, Schiff responded, “It’s going to make the situation worse, but in the short-term it buys time.  It postpones some rather dire consequences to a later date. 


It is the wrong policy for the country, but the Fed has relied on it like a crutch every time the economy looks like it’s going to stumble.  It’s propped it up with QE, but it’s exacerbating the problems.  This means it needs a bigger and bigger crutch to hobble along each time the Fed intervenes.


I could see the Dow heading back down to 11,000.  I don’t think there is significant downside risk because at that point you are going to be looking at QE coming to the rescue.  But it’s not going to help the overall economy, it’s actually going to interfere with the recovery in the overall economy.  And it’s going to lay the foundation for QE4.”


© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Peter Schiff: CEO of Europacific Capital and author of

“The Real Crash: America’s Coming Bankruptcy --

How to Save Yourself and Your Country”

To order from Amazon CLICK HERE.


The interviews with Egon von Greyerz and MEP Nigel Farage are available now.  Also, be sure to listen to this week’s line-up of other KWN interviews which include Michael Pento, Dr. Stephen Leeb, Don Coxe ($538 billion BMO), Art Cashin ($612 billion UBS), Rob Arnott (oversees $100 billion), Newmont CEO Richard O’Brien, John Hathaway and James Turk by CLICKING HERE.


Eric King

KingWorldNews.com

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