mo4ch:>Fed injecting ‘monetary heroin’ into economy created biggest bubble ever – Schiff to RT’s Boom Bust | Mo4ch News
As US markets took a deep dive this week, RT’s Boom Bust talks to market guru and Euro Pacific Capital CEO Peter Schiff about the downturn.The expert says this is a very young bear market and it is going to be similar if not worse than the bear market of 1966–1982. “It took 16 years for the Dow to make a new high and during that time period, inflation took about 70 percent away from the Dow’s value. This time, I think it’s going to be worse,” says Schiff.READ MORE: Market mayhem: Dow down 550 points, tech wrecked, losing over $1tn in valueHe explains that traders don’t understand that “we are about to finish the great recession that started 10 years ago in 2008, because all that the Fed succeeded in doing was interrupting that process.”Some 10 years of additional debt, borrowing and spending simply facilitated the reinflation of an even bigger bubble than the one that popped before. As a result, we are in a “much worse economic condition than we were before on the eve of the last fina…