Inflation bites!
Personal income rose again in August, but once again rising prices ate up all the gains and then some.
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.!
We’ve written extensively about the “war on cash.” In a nutshell, governments would love to do away with cash in order to better track and control their citizens. There have been numerous moves closer to a cashless society in recent years, from capping ATM withdrawals to doing away with large-denomination bills. Last year, China launched a digital yuan pilot program and the US has floated moving toward a digital dollar.
The Federal Reserve held its September Federal Open Market Committee (FOMC) meeting last week. While there was a lot of talk about the central bank tapering its quantitative easing program, the Fed didn’t announce any concrete plans to slow asset purchases. The lack of concrete action was no surprise to Peter Schiff. After the Fed meeting, Peter appeared on NTD News to talk about it and the Fed’s apparent reluctance to take any concrete steps toward monetary tightening. He said the central bank is in the process of replacing America’s economic foundation with a money printing press.
Wouldn’t it be cool if you could just talk and your words would alter reality?
It would elevate you to superhero status — or super-villain depending on your propensity to use your power for good or evil.
You know, there’s a real-life person who at least appears to have this superpower.
The Federal Reserve wrapped up another FOMC meeting with a whole lot of talk and very little action. Interest rates remain at zero and quantitative easing continues unabated. The mainstream headlines are all focusing on the prospect of QE tapering. In this episode, Friday Gold Wrap host Mike Maharrey explains why he’d write a completely different headline about this Fed meeting.
The Federal Reserve wrapped up its September FOMC meeting Wednesday and once again left its extraordinary loose “emergency” monetary policy in place. Quantitative easing continues unabated. Interest rates remain at zero. But the Fed did signal it may begin to taper quantitative easing “soon.” In his podcast, Peter Schiff broke down the FOMC statement and Fed Chair Jerome Powell’s post-meeting press conference. He said he thinks when it comes to tightening monetary policy, the Fed is bluffing.
In yet another sign “transitory” inflation might not be so transitory, FedEx has announced plans to significantly hike shipping rates in 2022.
FedEx said it will raise rates for US domestic, export and import services by 5.9%, on average next year. Some freight rates will rise as much as 7.9%. The company also plans to raise its Ground Economy rates along with fuel surcharges. The rate hikes will go into effect on Jan. 3.
A Reuters article by Stefano Rebaudo argued that the Federal Reserve might welcome a “bond market tantrum” that pushes bond yields higher. But does the Fed really want higher interest rates? And what would that mean for the economy?
Despite the post-pandemic economic improvement and wide expectations that the Fed will begin tapering quantitative easing in the near future, bond yields have remained stubbornly low. Ten-year Treasury yields remain stuck just above 1.3%.
We got a much better than expected retail sales report for August. That sparked a selloff in gold and silver as the markets continue to anticipate Fed monetary tightening. But was this report really fantastic news? Peter Schiff breaks down the report and says it’s actually just telling us consumers are paying more to buy less.
