Peter Schiff: Bernanke Poses Bigger Threat to Economy than Fiscal Cliff Does

“Euro Pacific Capital CEO Peter Schiff is more worried about Federal Reserve Chairman Ben Bernanke than the fiscal cliff.

The Fed’s massive easing program of the last five years represents a disaster, he tells CNBC. Bernanke constitutes “a much bigger threat to the U.S. economy than the fiscal cliff.”

The Fed has expanded its balance sheet to $2.86 trillion through quantitative easing (QE).

“If it wasn’t for all his accommodation, all the QEs, we wouldn’t have to go over the fiscal cliff,” Schiff says. “In fact, ultimately because of what the Fed has done, we’re going to have to go over a much bigger cliff.”

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