The financial media are obsessed with whether or not the Federal Reserve is going to remove the word “patient†from its policy statement concerning an interest rate hike. CNBC asked Peter Schiff for his take, and he told them that the Fed’s statement is meaningless — the Fed can’t raise rates without pushing the United States economy into recession. The host and floor traders insisted that this bubble economy is different, and Peter agreed. This time around, low oil prices aren’t translating into strong consumer spending and the government is in far more debt than the last time it successfully raised rates. He fully expects another round of quantitative easing in the next year.
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