A tweet by Peter Schiff, chief executive officer of Euro Pacific Capital, caught my attention this week– and he has a point.
He wrote: “The Fed claims it’s not doing QE, but last week its balance sheet expanded by $88.1B. It’s grown by $176B in the past three weeks. During QE3, at most, the Fed’s balance grew by $85B per month. So the Fed is buying more than twice as much debt when it’s not doing QE than when it was!”
They can call it whatever they want, Not QE, POMO, FOMO…..but it’s money printing all the same.