 In contrast, Schiff predicted that the market cannot withstand even a minor interest rate increase, thus the Fed announcing a higher rate will be very unlikely.However, he did open up the possibility of a few basis point rate hike but anticipated that it will have major impact on the equity market and will lead the US into recession, therefore the Fed will be forced to reverse its policy way back to resuming the QE program.Schiff was an economic adviser to Ron Paul's 2008 presidential campaign.