The Deflation Menace
Peter Schiff’s latest commentary for Euro Pacific Capital addresses the pernicious mainstream belief that inflation is good for the economy, while deflation is bad. If the government, supported by mainstream media’s propaganda, remains dedicated to inflationary strategies, there’s one surefire way to protect your wealth: physical gold.
Dedicated readers of The Wall Street Journal have recently been offered many dire warnings about a clear and present danger that is stalking the global economy. They are not referring to a possible looming stock or real estate bubble (the paper sees few threats there). Nor are they talking about other usual suspects such as global warming, peak oil, the Arab Spring, sovereign defaults, the breakup of the euro, Miley Cyrus, a nuclear Iran, or Obamacare. Instead they are warning about the horror that could result from falling prices, otherwise known as deflation. Get the kids into the basement, Mom… they just marked down Cheerios!
In order to justify our current monetary and fiscal policies, in which governments refuse to reign in runaway deficits while central banks furiously expand the money supply, economists must convince us that inflation, which results in rising prices, is vital for economic growth.”
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