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Peter Schiff, chief executive of Euro Pacific Capital, said that despite the unprecedented low interest rates and binge of money printing by the Fed since 2008, the economy continues to languish.

“The economy has not responded as hoped,” he said. Unemployment has hovered stubbornly above 8 percent, but “America’s fiscal position has grown significantly worse with government debt climbing to unimaginable territory,” he said.

“Despite the lack of results, the conclusion at the Federal Reserve is that the programs were too small and too incremental to be effective,” he said. “They have determined that something larger, and potentially permanent, would be more likely to do the trick.”

Mr. Schiff charged that the Fed is indulging in a bout of “dangerous amnesia” the ignores the role such loose-money policies played in spawning the housing bubble and debt catastrophe of the last decade. He predicted that the latest spate of easy-money policies also would end badly.