Peter Schiff, CEO and chief global strategist of Euro Pacific Capital Inc., comments on yesterday’s decision by the Federal Reserve to engage in endless money printing. The Federal Reserve announced that it will buy at least $40 BILLION per month in mortgage-backed bonds (toxic assets) and plans to keep interest rates near-zero into the year 2015!
Within an hour of Chairman of the Fed. Ben Bernanke opening his mouth at the press conference, Gold and Silver soared while bonds and treasuries tanked.
For those of you who don’t study economic science in your free time, here is a funny video explaining what “Quantitative Easing” is.