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Trader slams Schiff: You make 'outlandish predictions'

Peter Schiff is known for making bold and dire predictions about the global markets, and his latest one about the Federal Reserve got under the skin of one of the "Futures Now" traders.

In a heated debate on the Thursday, trader Scott Nations slammed the Euro Pacific Capital CEO for saying that Fed Chair Janet Yellen will not raise interest rates this year while simultaneously appearing to indicate that another round of quantitative easing could be in the cards.

"Peter, you do a great job of making these outlandish predictions and 1,000 of them come out of your mouth, 999 of them are wrong and then you live forever on one of them," said exasperated Scott Nations, on Thursday's "Futures Now." "It sounds like you are trying to do that now. What about now?" proclaimed Nations.

While accurately predicting the housing crisis in 2007, Schiff has since made a number of very bold, but very wrong calls, including warnings about an impending currency crisis and a prediction two years ago that gold would go to $5,000.

Still, when pressed, Schiff held his ground, and turned a bit combative. "You have no idea of the enormity of the things that I have said that came true."

To be fair, Schiff correctly predicted that the Fed would likely push off raising rates last year and this year, as well.

"I doubt the Federal Reserve is going to raise rates," Schiff said. "The bubble is too big to pop," Schiff said, referring to what he sees as an inflated equity and housing market. "They are going to need QE4 to keep the air from coming out of this bubble."

But Nations wasn't having it: "So why is everybody else wrong and you are right?"

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