Peter Schiff's take on Chancellor Merkel of Germany caving in to the demands of socializing losses while privatizing gains in the Greek mess.

I'm with Schiff on this one. Let the bond holders get wiped out if needs be. It is outrageous that German taxpayers will be coming to the aid of the banks and hedge funds which took on the risk. All Merkel's cave in will do is to increase Moral Hazard in the investing banks and hedge funds.

Schiff also explains why he believes QE3, QE4, QE5, and so on are slam dunks as the Fed invents a new way to print money to buy Treasuries, i.e., the Fed will simply no longer call it "Quantitative Easing" with a set amount of money to be printed. Instead, as Schiff points out, the Fed will target interest rates in the USA and will do so by printing whatever amount of money is needed to keep them low. That amount will not be trumpeted up front in the media. Instead, it will be printing presses rolling 24/7, some days faster than others, depending on interest rates. Schiff points out that both he and Bill Gross of Pimco believe this is how the Fed will continue to pump money into Wall Street without calling it "Quantitative Easing".