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Famed Investor: Fiscal Cliff Isn’t the Problem, Ben Bernanke Is the Problem

Nov. 21, 2012 7:45pm Becket Adams

Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital Inc., on Tuesday claimed that Federal Reserve Chairman Ben Bernanke was “a much bigger threat to the U.S. economy than the fiscal cliff.”

Why? Simple: Ben Bernanke is addicted to quantitative easing (“QE”).

“[I]if it wasn’t for all his accommodation, all the QEs, we wouldn’t have to go over the fiscal cliff,” said Schiff on CNBC’s “Futures Now.”

“In fact,” he added, “ultimately because of what the Fed has done, we’re going to have to go over a much bigger cliff.”

Schiff has repeatedly claimed that the Fed’s love of money-printing will cause runaway inflation. And because he believes this will be the inevitable outcome of Fed policy, he advocates gold.

“If we avoid the cliff, that is very bullish for the gold market because that means that trillion dollar-plus deficits will perpetuate, and these big deficits are what’s undermining the dollar because the Fed has to print money to finance them,” Schiff said.

“The more money they create to buy up the bonds that nobody wants, the higher the price of gold will go,” he added.

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Comments (40)

RayOne
Posted on November 25, 2012 at 11:15pm
The seasonal dance at the ‘fiscal’,'electoral’ cliff is a devices over used by Washington DC elites, no matter who holds power. This time the MSM is compliant and waiting for a bailout.
Each ‘CliffReport’ should have an ‘Transparency’ attachment.
Open the books, don’t hide the deals. Both parties are on the same side. And, that includes MSM.
Foreign reporters are more likely to ask questions Americans want asked.

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ArmedAndReallyPissed
Posted on November 24, 2012 at 4:39pm
Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital Inc., on Tuesday claimed that Federal Reserve Chairman Ben Bernanke was “a much bigger threat to the U.S. economy than the fiscal cliff.”
Why? Simple: Ben Bernanke is addicted to quantitative easing (“QE”).******************************************************************************************************

Yep. All true. But don’t stop at just blaming Bernanke !!! 99% of all those in Washington are to blame.Politicians are the only people in the world that create problems and then campaign against them. One hundred Senators, 435 Congressmen, one President and 9 Supreme Court Justices equates to 545 human beings out of 300 + Million that are directly, legally, morally and individually responsible for the domestic problems that plague this Country.Those 545 spend most of their energy convincing us what they did is not their fault. They cooperate in this common con regardless of party.
What separates a Politician from a normal human being is an excessive amount of gall. The Constitution, which is the supreme law of the land, gives sole responsibility to the House of Representatives for originating and approving appropriations and taxes. The speaker of the House, John Bo_ner and the fellow House members, not the President, can approve ant budget they want. If the President vetoes it, they can pass it over his veto if they agree to. If the tax code is unfair, it’s because they want it unfair.

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revelation2012
Posted on November 23, 2012 at 9:42am
The “FEDS” want to print money “THEY” can also ASSUME the responsibility

for PAYMENT of ALL money borrowed with interest – “We the People” signed NO contracts

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- revelation2012
  Posted on November 23, 2012 at 9:56am
  money deducted from individuals for social security and medicare
  
  should have been placed in separate accounts and reviewed each year
  
  THE LAW HAS TO BE CHANGED – THEY MUST NOT HAVE ACCESS
  
  all the TAXES that they collect are being USED to ABUSE ALL of us
  
  ————————– ENOUGH IS ENOUGH —————————–
  
  Report this comment
term limits for congress
Posted on November 23, 2012 at 9:41am
The ultimate redistribution of wealth – collapse the current currency and issue a new one… maybe like ‘food credits’… something controlled by Dear Leader… and only available in suburban areas.

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Lotus503
Posted on November 22, 2012 at 9:31pm
Simple way of eliminating the national debt. We owe the Fed around $10 trillion currently, and around $6.5 trillion to other countries and private investors.

We nationalize the 12 banks that make up the Fed, sell off whatever assets and good private debts that they are holding to other U. S. banks, and write off all debts that are owed to the Fed by our government as noncollectable. We eliminate both the Fed and the majority of our debt at the same time.

We would still owe the $6.5 trillion debt to foreign and private investors, but it’s better than owing the full $16.5 trillion that can never be repaid. At lest with the $6.5 t, we have a chance at repaying it.

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garbagecanlogic
Posted on November 22, 2012 at 5:27pm
I agree whole heartedly!! Give little ben his walking papers.

Praise Be To Obama. Psalm 109:8

The U.S. Out Of The U.N.
The U.N. Out Of The U.S.

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CulperGang
Posted on November 22, 2012 at 1:13pm
Bernanke belongs in JAIL along with the majority of the US government who ALLOW him and the Bilderberger Bankers to exist in the USA aka Federal Reserve. If they manage to collapse OUR world I hope everybody has brains enought to bash Bernankes brains out and not each others over a loaf of bread.
Misery bought to you by the 1%. Kindly return it in kind on them. Not Joe Schmo. Capische???

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- michaelmoron
  Posted on November 22, 2012 at 7:08pm
  Generally, I agree with you.
  
  One thing that irritates me is this “1%” BS.
  
  Who is the Moron who told the OWS sheeple that the 1% is the Problem?
  
  My Employer is a “1%”er and provides about 80 jobs in my area.
  He is not the Problem. Never has been and never will be.
  
  The Problem is the Federal Reserve’s owners and Friends.
  
  They are considered the .00000007%
  
  They are the Problem because they crossed the line. They used their power and wealth to buy the world and enslave it’s people.
  
  We have to reinstate JFK’s Executive order # 11110
  http://www.youtube.com/watch?v=qYVCIdrcS6k
  
  Report this comment
- michaelmoron
  Posted on November 22, 2012 at 7:20pm
  * 00000001%
  
  not 00000007%
  
  Report this comment
Zatoichi
Posted on November 22, 2012 at 7:52am
Why does everyone in this administration have the sole purpose of trying to destroy the country?

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- CulperGang
  Posted on November 22, 2012 at 1:08pm
  One word=GLOBALISM
  
  Report this comment
TurboCat
Posted on November 22, 2012 at 5:39am
Schiff has been asked to speak about problems and solutions at Congress several times. Each time he is thwarted by Democrats.

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- Jesse_J
  Posted on November 22, 2012 at 6:03am
  I’ve been saying this for the last couple of years. Ben Bernanke has never worked in the private sector weilds an enormous amount of control over it. Read fresh political commentary at: http://smallcraftadvisorychronicles.blogspot.com/
  
  Report this comment
ltdan
Posted on November 22, 2012 at 2:40am
One word, EQUALITY. When this U.S. falls fiscally, we’re equal with the rest of the world and only the rich and powerful have control, not WE THE PEOPLE.

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Guitar Master
Posted on November 21, 2012 at 11:21pm
zzzzzzzzzzzzzzzzzzzzzzzz
From THE REPORTER
zzzzzzzzzzzzzzzzzzzzzzzz

Why are a bunch of men, that no one even knows, running the monetary system of our country. They aren’t really affiliated with Uncle Sam, yet, the have our destiny in their hands. Need I say more?

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- santababy52
  Posted on November 22, 2012 at 12:15am
  When everyone knows who and what the problem is, why is nothing being done about it. Why is Bernanke still in, why is QE still allowed and why is Congress doing NOTHING about any of it. It is clear that Obama doesn’t care whether or not the monetary and economic policies are good for the American people, he HATES America, but what about our other elected officials? Does anyone have an answer to this question?
  
  Report this comment
- The_Jerk
  Posted on November 22, 2012 at 12:32am
  Santababy52, here’s why: “Rothschild Brothers of London, 1863. “Give me control of a nation’s money and I care not who makes it’s laws”
  
  We’ve been slaves to this Jewish Ponzi scheme from the beginning. Look around, these money usurers have raped economy after economy. No way to explain why the Fed Chair has been Jewish my entire life. It’s a mob, probability and chance give no other answer.
  
  Report this comment
- Oilfield_Trash
  Posted on November 22, 2012 at 11:23am
  Seems Ron Paul was right about a few things, huh? We should completly do away with the Fed. (another Democrat creation).
  
  Report this comment
- michaelmoron
  Posted on November 22, 2012 at 7:18pm
  SantaBaby52
  
  I have the answers to your questions.
  
  Elected Officials ?
  
  They are actually employees of a corporation.
  
  I have all the hard evidence.
  
  Lets begin with this:
  More Details for Representative Nancy Pelosi
  
  “Representative Nancy Pelosi in Washington, DC is a private company categorized under Government Offices-Us. Our records show it was established in and incorporated in District of Columbia.”
  http://www.manta.com/c/mmnynbm/representative-nancy-pelosi
  
  This is because of this:
  http://www.youtube.com/watch?v=EYLe02uld_0
  
  COPY THIS !!!! YOUTUBE KEEPS REMOVING THIS !!!!!!
  
  Report this comment
- ArmedAndReallyPissed
  Posted on November 24, 2012 at 4:47pm
  The youth of today freely admit they believe the Government should care for them and provide many things for free. The list is too long to even begin to put on here. Then we have all those who are getting “free” Obozo Phones, Welfare checks and so on. They certainly won’t bite the hand of Washington that feeds them. Obozo has opened the flood gates for ILLEGALS wide open. He gives them amnesty and more “free” stuff at our expense.
  Bottom line……too many people getting too much for “free”. Between all the above and massive voter fraud, Obozo stole this election. Another 4 years and our Country won’t be OURS any more. Russia and China will own more of it than we do, as WE can not pay OUR debts to them. And by WE and OUR, i mean Washington. Stock up on food, water, medicine and Ammo. Hell is coming.
  
  Report this comment
Isis79
Posted on November 21, 2012 at 10:23pm
Ben Bernanke is an enemy to the United States and should be hung from the nearest tree. The Federal Reserve needs to be dismantled while Americans seem to be ignorant to the effects of printing money out of thin air. Revolution and gross harm to politicians and government officials will be the only solution.

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Individualism
Posted on November 21, 2012 at 10:08pm
This man knows his stuff and should be advising the gov’t on economics and finance.

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- The_Jerk
  Posted on November 21, 2012 at 10:22pm
  Listen, Alan Greenspan kept interest rates artificially low, freeing up money to fuel the housing bubble.He knew it, or he’s incompetent. His Jewish brother Bernanke simply keeps Ponzi alive. Their relatives said it a long time ago, “Give me control of a nation’s money and I care not who makes it’s laws”
  
  The Jewish mob is the real enemy of America and its values.
  
  Report this comment
- Walkabout
  Posted on November 22, 2012 at 12:21am
  I’ve seen earnest & cogent arguments that the 1st QE was necessary & beneficial. The same people argued that the 2nd & 3rd QE & Operation twist were not. For one diminishing returns meant that they were not very effective at all beyond helping the stock market go artificially up allowing Obama to spin the news for a few news cycles & say Hey look the stock market is up; It’s working”
  
  Barring not bailing out Wall Street which we shouldn’t have done (Michelle Bachman was against it), QE1 was probably necessary.
  
  Qeternity is for sh/t though.
  
  Report this comment
- The_Jerk
  Posted on November 22, 2012 at 12:39am
  Walkabout, QE 1 was not necessary. Failures need to fail. The longer you put it off, the more punishing it becomes. But, unless you cut out the cancer of the Federal Reserve, your prognosis remains death. These Jewish bankers just move to another land. They’re moving to Asia.
  
  Look back at how they raped Europe, at first going from nation to nation, destroying economy after economy, then, after the soil gave up all it could, they moved to America. Today our soil is depleted, and they’re moving to Asia. They care nothing about your children, their future, or our nation.
  
  Report this comment
michaelmoron
Posted on November 21, 2012 at 8:32pm
All People need to do is watch this extremely funny and entertaining 30 minute cartoon.

This explains what happened to America and what we can do to fix it.
It explains how Bernanke’s employers have stole America and enslaved you.
http://www.youtube.com/watch?v=ZPWH5TlbloU

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KidCharlemagne
Posted on November 21, 2012 at 8:29pm
Peter Schiff is the modern-day EF Hutton…….when he talks, then you’d better listen!:

Peter Schiff Was Right 2006 – 2007 (2nd Edition)

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soybomb315_II
Posted on November 21, 2012 at 8:17pm
if you like what Peter Schiff is saying, i highly recommend his book “How an economy grows and why it crashes”…..It’s an amazing book in teaching basic principles of economics

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- The-Monk
  Posted on November 21, 2012 at 8:28pm
  Why not just read Dr. Ron Paul’s voting record?
  
  His voting record says it all…..
  
  http://votesmart.org/candidate/key-votes/296/
  
  Report this comment
- soybomb315_II
  Posted on November 21, 2012 at 8:54pm
  thanks for posting what i have posted in the past. what are you getting at
  
  Report this comment
- The-Monk
  Posted on November 21, 2012 at 9:16pm
  Simply that Dr. Ron Paul could not and will not ever fix any problems the USA has.
  
  Dr. Paul has been and will always be a continuous lame duck.
  
  Quack quack…
  
  Report this comment
- soybomb315_II
  Posted on November 21, 2012 at 9:26pm
  you are a hateful person. My post had nothing to do with Ron Paul. You must have a one-track mind
  
  Just the other day you complain that we never say anything important and never have ideas….Well, it looks like whenever we post, you are too biased to understand or follow. He has many books. The book i mentioned is very important and can teach someone a lot of things. You should pick one up.
  
  If you have nothing to say about Peter Schiff then why are you posting on this article?
  
  Report this comment
- grayling646
  Posted on November 21, 2012 at 10:54pm
  Monk. When I read your first post I thought, ‘Oh heII, we’ve lost Monk’. Then I read your last post. LOL
  
  Report this comment
- Max jones
  Posted on November 22, 2012 at 1:04am
  Ron Paul’s voting record sucks….period
  
  Report this comment
- ArmedAndReallyPissed
  Posted on November 24, 2012 at 4:54pm
  MAXJONES : Show us all some examples. Quick. Back up your comment with some factual data. I’m guessing you don’t know ONE single thing Ron Paul has ever voted for or against without looking it up.
  
  Report this comment
Gourdy
Posted on November 21, 2012 at 8:07pm
How is it that someone can simply move money around, be called a “famed investor,” and achieve some kind of status? This guy produces absolutely nothing.

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- drs1969
  Posted on November 21, 2012 at 9:54pm
  Famous chairman Bernanke produces dollars which, in turn, drive up prices for everything. He is even more useless.
  
  Report this comment
- grayling646
  Posted on November 21, 2012 at 11:16pm
  Gourdy.
  Schiff provides jobs for hundreds of people and generates capital in the private sector which is taxed and placed in the tax pool. All Bernake does is siphon his paycheck, pension and benefits off of that tax pool. Well, he also makes bad decisions for America.
  
  Report this comment
number9
Posted on November 21, 2012 at 8:03pm
I just want a Twinkie. That’s all.

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