May 25, 2014

The U.S. Economy Contracted In The First Quarter

"The Fed doesn't learn from its mistakes, which is unfortunate because, you know, it makes so many mistakes. But I think that the Federal Reserve is going to taper the taper and eventually reverse it before it manages to get down to zero. You know, right now, we have a first quarter GDP that even by the government's initial estimates was flat. But I think when they come up with the revisions, we're going to see that the U.S. economy contracted in the first quarter. And of course, I think the size of the contraction is a lot larger than what the government will acknowledge, because I believe we're understating the true rate of inflation." - in Benzinga

You can keep reading Peter Schiff`s market updates and commentary on this new website: Schiff On The Markets (click on the link or on the image below to access the new site)

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse. Visit the new website Schiff On The Markets for exclusive content.
eXTReMe Tracker