The retail sales numbers for October came in even better than expected. The mainstream reported this as fantastic news — proof that the economy is booming. Meanwhile, Janet Yellen went on national TV and put a new spin on the transitory inflation narrative. In this week’s Friday Gold Wrap, host Mike Maharrey explains why you shouldn’t fall for all this mainstream and government spin.
After last week’s sizzling hot CPI data, inflation talk continues to dominate the news. The government and central bank have been insisting inflation is transitory. Now they’ve turned to a new spin tactic – recycling 1970s inflation propaganda.
Treasury Secretary and former Federal Reserve chair Janet Yellen appeared on Face the Nation and spent the interview lying about inflation. Peter Schiff unraveled her lies in his podcast.
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.
Treasury Secretary Janet Yellen did a big flip-flop this week. Her comments and her subsequent attempt to walk them back were telling. She accidentally revealed the ugly truth about inflation and the central bank’s ability to deal with it. In this episode of the Friday Gold Wrap, host Mike Maharrey takes Yellen to task. He also talks about the recent rally in both gold and silver.
Treasury Secretary Janet Yellen sent markets into a tizzy on Tuesday when she said interest rates may have to rise to keep the economy from overheating with all the government stimulus. But later in the day, she walked those comments back, claiming inflation isn’t going to be a problem and insisting that she wasn’t suggesting or predicting rate hikes.
Yellen’s flipflop is telling. Even if inflation is an issue (and it is), there isn’t a darn thing the Federal Reserve can do about it.
There are a lot of new taxes coming down the pike. This was inevitable with all of the government spending. Big government isn’t free. In order to pay for three rounds of stimulus, infrastructure spending, and now the “American Families Plan,” taxes will have to go up.
But there’s a problem with this tax and spend scheme. Taxes make an economy less competitive — especially when other countries have more favorable tax environments. Janet Yellen and the power brokers in DC have the solution to that problem – a global minimum corporate tax.
As Ron Paul explains, global taxes are a blueprint for global economic stagnation.
Janet Yellen gave her first speech as Treasury secretary this week and called on the world to adopt a global minimum corporate tax. Peter Schiff talked about it during a recent podcast. He said Yellen’s message to the world reflects a major shift. America once led the world toward freedom. Now the goal seems to be to lead the world to less freedom.
Yellen bemoaned a “30-year race to the bottom” as countries have slashed corporate taxes in order to attack multinational businesses. Of course, the real problem Yellen wants to address is the competitive disadvantage the US will face with the Biden tax increases tucked into his new infrastructure plan.
Jerome Powell and Janet Yellen testified jointly before the US Senate last week. Inflation was a big topic of conversation. The Fed chair continued to insist that the central bank can fight inflation if necessary, but that it really isn’t a problem we need to worry about right now. In his podcast, Peter Schiff said the truth is inflation is a problem. And when it comes to dealing with that problem, the Fed is in a box. It will never pick a fight that it can’t win.
Joe Biden took the country’s wheel on Wednesday. For some, it was a day of celebration. And for some, it was a day of mourning, depending on your political perspective. But what is really in store for us in the Biden years? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey considers the economic path that lies ahead. He argues that while the driver has changed, the car is still heading in the same direction with Biden’s foot on the accelerator.
Former Federal Reserve Chair Janet Yellen is making the media circuit and pontificating about the evolving economic crisis. As Peter recalled on his podcast, it wasn’t long ago that Yellen was saying she didn’t think we would ever see another financial crisis “in our lifetime?”
Yet, here it is, just a few years later, and we already have another financial crisis.”