The stock market crash on Monday can be directly attributed to the Federal Reserve, not China.

“The media is blaming this on China. Look, the Chinese market is going down for the same reason that the U.S. market is going down. It’s not that China is causing our market to go down,” the president and CEO of Euro Pacific Capital Inc., Peter Schiff, said after markets tumbled.

“Both markets are responding to the Federal Reserve’s threat to raise interest rates. It’s the Federal Reserve that’s been propping up the U.S. economy and more specifically the U.S. markets to the detriment of the U.S. economy but the Fed was propping up our markets with quantitative easing and zero percent interest rates,” he said.

The Fed has left its benchmark short-term interest rate near zero for well over two thousand days.

The director of the People’s Bank of China’s Research Institute of Finance, Yao Yudong, echoed this sentiment on Tuesday. He said an anticipated rate hike by the Federal Reserve set the crash in motion.

In the United States, many analysts pointed to the devaluation of Renminbi, the official currency of the People’s Republic of China, as the culprit. The reduction was only 3%.

Li Qilin, an analyst with Minsheng Securities, said this devaluation, described by China’s central bank as a “one-off depreciation,” may have had a minor impact on the markets, but could not explain the unprecedented sell-offs that plunged the Dow Jones Industrial average an astounding 588 points on Monday.

Presidential candidate Donald Trump led the charge following the market fiasco. Trump tweeted:

As has noted for years, the Federal Reserve is responsible for creating NASDAQ and housing bubbles through its manipulation of the money supply and interest rates.

Following Black Monday, former congressman and presidential candidate Ron Paul explained:

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