Wednesday, November 3, 2010

Peter Schiff: Republican win, QE2

As I mentioned myself right here, the economy will be worse in 2012 than it is today. I think that means the end of Obama, but who knows what will happen. Bret wants to bet me on that one.

Inflation is coming as well, thanks to Zimbabwe Ben. Will we see approaching hyperinflation by 2012? I'd take that bet even before the one on the Messiah's reelection.

In essence, the Fed now will print money to buy as much as $900 billion in U.S. government bonds through June—an amount roughly equal to the government's total projected borrowing needs over that period.


Michael Pence, a top Republican in the House of Representatives, said the Fed was taking an "incalculable risk."

Thomas Hoenig, the president of the Federal Reserve Bank of Kansas City, who described the move before the meeting as a "bargain with the devil," was the lone dissenter in a 10-1 vote of the Fed's policy committee. He said the risks of additional government bond purchases outweighed the benefits.-Fed Fires $600 Billion Stimulus Shot

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