Schiff is referring to the Federal Reserve, the United States' central bank that answers to no one, has no competition, and has been responsible for every depression and recession since its inception. Schiff, who is the chief executive of Euro Pacific Capital, a longtime gold bug and market pundit, has been putting the upcoming economic disaster squarely on the shoulders of the Fed -very much where that blame belongs.
"I'm watching the U.S. economy implode from the beach," Schiff told MarketWatch during a recent phone interview from a beach in Puerto Rico. "We're in a lot of trouble," he said. Schiff has often been considered "polarizing" to Wall Street pundits because he calls the Fed out for their destruction of the economy and that's just not something most want to hear. The prominent investor should be worthy of investors' attention, however, because his prescient calls ahead of the 2008 financial crisis, which earned him plaudits as one of the few able to spot a global economic crisis emanating from the housing market, were correct as MarketWatch reported.