Peter Schiff says we’re not in a bear market, ‘we’re in a house of cards that the Fed built’

Where in the world is Peter Schiff, as the stock market entered an apparent unraveling phase?

Find the chief executive of Euro Pacific Capital, a longtime gold bug and market pundit, on a beach in Puerto Rico, where he’s taken up residence as he watches the equity market get rocked.

“I’m watching the U.S. economy implode from the beach,” Schiff told MarketWatch during a recent phone interview. “We’re in a lot of trouble,” he said.

“This isn’t a bear market, we’re in a house of cards that the Fed built,” he said.

‘This isn’t a bear market, we’re in a house of cards that the Fed built.’

Schiff says it won’t matter what the Fed does Wednesday (policy makers tightened as expected), with a rate increase of a quarter percentage point anticipated. “I think what’s going to happen is the Fed is ultimately going to take rates back to zero,” he said.

For Schiff’s part, he thinks the Fed isn’t just making policy mistakes, he thinks that Powell & Co. don’t appreciate how fragile the economy currently is: “They don’t realize how bad the economy is just like they didn’t realize how bad it was in 2007.”

https://www.marketwatch.com/story/peter-schiff-says-were-not-in-a-bear-market-were-in-a-house-of-cards-that-the-fed-built-2018-12-19