Peter Schiff has a simple message for traders: you don't need patience.
While Wall Street waits on whether or not the Fed will include the word "patient" in its statement Wednesday, the CEO of Euro Pacific Capital is instead waiting for something else: another round of quantitative easing .
"I think the Fed is more likely to launch QE4 than it is to raise interest rates," Schiff told "Futures Now" on Tuesday. "Wall Street is looking for the Fed to take [the word 'patient'] away because the Fed wants to maintain the pretense that they are actually going to raise rates, but I don't think that's going to happen at all."
Despite a falling unemployment rate and record stock prices (ASX: SPY-AU), Schiff contends the U.S. economy is much weaker than it appears, and that any move by the central bank to raise rates would only derail an already fragile economy.
"The U.S. economy is sicker than ever," said Schiff. "And the Fed is going to launch QE4 for the same reason they launched QE3, 2 and 1. They're going to try to stimulate the economy. Now that they stopped QE, the air is coming out of this bubble."
And according to Schiff, if the Fed does raise interest rates later this year, the outcome will be catastrophic. "I think without QE4, we will be back in recession," he said. "It's going to be horrible. There's going to be a worse financial crisis than 2008."
Of course, Schiff has made similar claims before as well as wildly optimistic calls on gold, most of which have yet to come to fruition.
But despite being on the wrong side of a five-year bearish call, Schiff appears to be sticking to his guns.
"I'm not saying the sky is falling," he said. "But the U.S. economy is in a lot of trouble and we haven't recovered from anything thanks to the Fed."
Schiff had this response to his naysayers, "People are just oblivious."
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