The government is always promising to fix things. It has policies to fix the economy, fix foreign countries, and even fix the pandemic. But as Friday Gold Wrap podcast host Mike Maharrey explains in this episode, instead of fixing things, the government wrecks pretty much everything it touches.
The August jobs numbers came in much lower than expected, a kick in the teeth for those touting the “improving economy” narrative. Meanwhile, personal incomes continue to grow but rising prices are eating up that growth and then some.
The economic data suggest the Fed’s plan is failing and stagflation looms on the horizon.
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.
The Federal Reserve is helping corporate real estate investors evict poor people from mobile home parks.
Peter Schiff recently appeared on RT Boom Bust to talk about Fed monetary policy and the possibility of a taper. He said even if the Fed does slow asset purchases, the taper won’t last long. Ultimately, the Fed will expand QE.
Federal Reserve Chairman Jerome Powell spent most of his Jackson Hole speech continuing to try to convince everybody that inflation is transitory. As Friday Gold Wrap podcast host Mike Maharrey points out in this episode, whether it is or isn’t transitory, inflation is a real thing that has a real impact on real people. In this show, he also breaks the news on the August jobs numbers and discusses taper talk.
Jerome Powell delivered his much-anticipated speech virtually during the Jackson Hole summit on Aug. 27. Peter Schiff talked about the speech during his podcast. Everybody expected a hawkish speech outlining the Fed’s plan to taper quantitative easing. Instead, Powell tapered the taper talk.
The Fed balance sheet stands at $8.33 trillion, up $111 billion from the prior month-end.
The chart below shows how the Fed Balance sheet has grown by instrument over the last 18 months. The major surge from COVID can be clearly seen as $2.5T was added within 2 months. The monthly changes since then reflect QE on autopilot.
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.
M2 Money Supply is measured by the Federal Reserve to calculate the amount of money in the financial system. Historically, the term inflation was defined as an expansion of the money supply that generally led to higher prices. Therefore increases in M2 is the measure of inflation. This analysis reviews the changes in money supply as a potential indication of future price increases.
