of Euro Pacific Capital, told CNBCs twice-weekly Futures Now streaming video program that he never thought Fed Chair Janet Yellen was going to hike interest rates.
He declares, “We are stuck at zero, this is a gigantic bubble. The last thing the Fed wants to do is prick it, but the air is coming out by itself. Just keeping rates at zero is not enough to support this market.”
He predicts that the Fed “will deliver another dose of QE, to the detriment of the real economy.”
In response to a question from Jackie DeAngelis, he allows it is possible the Fed could still raise rates but asks rhetorically, “If the Fed was going to raise rates, why didn’t they do it already?”
He adds, “This economy is rapidly decelerating. The Fed just doesn’t want to acknowledge that its monetary medicine didn’t work.” He recalls that he said seven years ago that the Fed was in “a monetary roach motel.” At that time this writer already referred to the program as “QE-n.”
The second, extended clip
includes his argument with Scott Nations over the Fed’s intentions, repeating his prediction that what is ultimately in store is “a worse crisis than 2008.”
© 2022 Newsmax Finance. All rights reserved.