Man Who Predicted No Fed Tapering Now Says To Expect Chaos

"Greyerz:  “Yes, Eric.  It did not surprise me at all that the Fed did not taper because for a patient on life support that is not the time to turn off the machine because that machine is what keeps the patient alive artificially.  So how can the Fed possibly slow tapering? 

The US is a country with a total government debt of $220 trillion, unemployment at 23%, the job participation rate at the lowest level since the 1970s, median household incomes at multi-decade lows, and real-GDP declining since 2006.  We have also seen federal debt double since 2006, and consumer credit has been exploding.  So the picture is clear....

“Not only will there be no tapering, but my forecast is that during 2014 QE will increase substantially.  In fact, we could easily see QE double in 2014, and later on I expect trillions of dollars, and eventually even tens of trillions of dollars of money printing each year.  This will also mean increased turmoil and chaos in global markets.

So the US is now on the road to hyperinflation.  Hyperinflation arises as a result of a collapsing currency and this is exactly what is happening to the US dollar.  Back in the late 1960s, when I started working in Switzerland, we paid 4.3 Swiss francs for each US dollar.  Now it only costs us .91 for each dollar.  That’s a decline of 80%!..."

 

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