Both the Federal Reserve and the Biden administration continue to insist inflation is transitory. And they are also trying to shift the blame for rising prices so they avoid any responsibility. In this clip from his podcast, Peter Schiff explains why the government inflation narrative is Grade-A B.S.!
A lot of investors are disappointed in gold. After all, many buy gold because of inflation. Even with rapidly rising prices, the yellow metal hasn’t delivered as you might expect.
During his virtual speech for the Money Show, Peter Schiff explains exactly what is going on. He said in the end, gold will be vindicated because inflation will win in a knockout.
During his Jackson Hole speech, Federal Reserve Chairman Jerome Powell rewrote the history of inflation. In this clip from his podcast, Peter Schiff unravels the yarn that Powell spun.
In a nutshell, Powell claimed prior Fed policymakers mistakenly moved too fast to address inflation that turned out to be transitory, and he said he didn’t want to make the same mistake.
During a Q&A with students and teachers, Federal Reserve Chairman Jerome Powell praised the bad economics that drove the government response to the coronavirus pandemic. In this clip from his podcast, Peter Schiff breaks down everything Powell got wrong.
During the Zoom event, Powell went out of his way to praise Congress for passing the “CARES Act.” The Coronavirus Aid, Relief, and Economic Security Act was the first $2.2 trillion stimulus plan Congress passed in response to the pandemic back in March 2020.
Dallas Federal Reserve President Robert Kaplan has been one of the more hawkish Fed members. On Aug 11, he said the Fed should announce a quantitative easing taper in September and begin slowing asset purchases in October. But two weeks later, Kaplan backed off that assertion, saying that with the surge of COVID-19, he was open to adjusting his view. In an interview on CNBC’s “Squawk Box,” financial analyst Jim Grant explained why the Fed is playing with fire.
The Federal Reserve has pumped trillions of dollars into the economy through its quantitative easing programs. This has generated a surge of inflation. But there are other less obvious impacts from the Fed’s extraordinary monetary policy. It conceals risk. Everybody sees a “booming” economy and assumes everything is fine. But underneath, the entire thing is rotting from the inside.
Mainstream pundits sometimes accuse Peter Schiff of being a “stopped clock.” They admit he’s right occasionally, but only by virtue of sticking to the same narrative, talking about the malinvestments and misallocations in the economy and warning about an impending crisis. In this clip from his podcast, Peter said it’s the mainstream regulars on financial networks like CNBC who are the real stopped clocks.
Consumer prices have been rising precipitously this year. If you annualize the Consumer Price Index through the first five months of 2021, you get a CPI increase of over 6%. Federal Reserve Chairman Jerome Powell continues to push the narrative that inflation is transitory, but not everybody buys into this storyline. On the Wolf Street Report, Financial Analyst Wolf Richter said Powell’s temporary inflation is turning into an “inflation spiral.”
Treasury Secretary Janet Yellen has conceded that we may well get more inflation than originally expected with all of this government stimulus. But she said if we do end up with higher inflation and higher interest rates, it’s a good thing. It will be good for society, and it will be good for the Federal Reserve.
Peter Schiff talked about it in this clip from a recent podcast.
Over the last several months, gold and silver have faced strong tailwinds due to market expectations that the Fed would tighten monetary policy sooner rather than later to fight price inflation. But after April’s hotter than expected CPI, that sentiment seems to have shifted and the markets are acting the way you would expect in an inflationary environment. Gold and silver have rallied and the dollar has shown weakness. In fact, gold pushed above the $1,900 an ounce level.
In this Gold Videocast, Peter Schiff explains why he thinks this is just the lull before the real storm and now is the time to buy gold and silver.
