Shot - Fox News:
'Great Recession' to hit US, jeopardize Trump's reelection hopes: Peter Schiff
The U.S. economyOpens a New Window. is heading into a free fall that will be worse than the Great Recession of 2008, according to Euro Pacific Capital CEOOpens a New Window. Peter Schiff.
The economic forecaster is predicting the Federal ReserveOpens a New Window. will cut interest rates to zero and launch quantitative easing, a monetary policy where the central bank purchases Treasuries from financial institutions to stimulate the economy.
“The dollar is going to go through the floor and it’s going to take the bond market with it and the next crisis, it’s not subprime mortgages, it’s going to be in the Treasury market,” he said on “After the BellOpens a New Window.” on Wednesday.
Chaser - Foundation for Economic Education:
5 of the Worst Economic Predictions in History
Uncertainty makes human beings uncomfortable. Not knowing what’s going to happen in the future creates a sense of unrest in many people. That’s why we sometimes draw on predictions made by leading experts in their respective fields to make decisions in our daily lives. Unfortunately, history has shown that experts aren’t often much better than the average person when it comes to forecasting the future. And economists aren’t an exception. Here are five economic predictions that never came true.
And closing the list at #5:
5. Peter Schiff and the End of the World
Financial commentator Peter Schiff became famous in the aftermath of the 2007-2008 Financial Crisis for having foreseen the housing crash back in 2006 (even a broken clock is right twice a day). Since then, he has been predicting economic catastrophes every other day, with very limited success. There are many examples of failed predictions from which to draw upon. For instance, in a 2010 video (see below), Schiff foretold that Quantitative Easing (the unconventional monetary policy undertaken by the Fed between 2008 and 2014) would result in hyperinflation and the eventual destruction of the Dollar. Unfortunately for Schiff, the average inflation rate per year since the onset of QE has been 1.68%, slightly below the 2% target of the Fed.
And Schiff is keeping some great company in this list - go and read four more spectacular failures.
Schiff gets on the air because he promotes the narrative: Orange Man Bad. His track record is actually lousy.
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