A couple weeks ago, Peter Schiff joined Fox Business on the floor of the New York Stock Exchange to discuss the possibility of the Federal Reserve raising interest rates. He shared his candid opinion that investors should avoid US stocks and look to foreign markets and gold.

Remember, when the year started you had two camps. Those that thought the Fed would hike in March and those that thought they would hike in June. Both camps were wrong. I was saying they weren’t going to raise rates. Not because they shouldn’t, but because they can’t because they will prick this bubble economy they worked so hard to inflate…”

(Video length 00:04:21)

Highlights from the interview:

“Remember, when the year started you had two camps. Those that thought the Fed would hike in March and those that thought they would hike in June. Both camps were wrong. I was saying they weren’t going to raise rates. Not because they shouldn’t, but because they can’t because they will prick this bubble economy they worked so hard to inflate…

“The economy has never been good. We’ve been in a recession, I think, for the entirety of the recovery. I think the policies that the Federal Reserve has used to prop up the stock market and the real estate market have hurt the real economy. That’s why things are actually getting worse. On Wall Street, yes, things look good. But if the Fed takes away those monetary supports, we’re going to be in a bear market. We’re going to be in a deeper recession. We’re going to resume the financial crisis that was interrupted by this monetary policy…

“The problem is when the Fed was breathing life or air into the financial markets, it was sucking it out of the real economy. That’s why we haven’t had a recovery. Everyone who thinks the Federal Reserve’s policy succeeded – there’s no success here. There’s no success until you raise interest rates and shrink your balance sheet. And the Fed can’t do that. That’s why rates have been at zero for seven years. Why didn’t they raise them two or three years ago? …