Collapsing asset values are needed. It should have happened in 2001... 2008. Quantitative easing is just blowing more air into the bubble.
The world has been conned into believing the US will pay back loans. The US will have to go through a massive recession to right the economic ship. The US will have to start saving, and the middle class is on the hook for that.
Peter Schiff is a smart investor and author of several best selling books. He correctly predicted the economic meltdown of 2008 - 2009