Without QE4 Interest rates are headed much higher, which means stock prices are headed much lower. The sharp gains of the recent past have led stock market bulls to dismiss this decline as a healthy correction. It's far more likely this is the beginning of a bear market.

Without QE4 Interest rates are headed much higher, which means stock prices are headed much lower. The sharp gains of the recent past have led stock market bulls to dismiss this decline as a healthy correction. It's far more likely this is the beginning of a bear market.

— Peter Schiff (@PeterSchiff) February 5, 2018