From 2016 to 2020, Republicans were constantly trying to play up the economy. You’ll recall Donald Trump claiming it was the greatest economy in history. Meanwhile, Democrats were trying to play it down. Now, the roles have reversed. Since the Democrats own the economy now, they’re talking about how great the recovery is while Republicans are sounding warnings. As Peter Schiff explained in his podcast, this political hypocrisy is letting the real culprit get away without blame.
Federal Reserve Chairman Jerome Powell testified before Congress on Tuesday and continued to peddle the “transitory” inflation narrative.
Keeping with the dovish tone set after last week’s FOMC meeting, Powell reiterated that the central bank is not going to rush to raise interest rates, and he said the Fed would not hike rates merely in response to inflation worries.
There was a lot of news and economic data that came out this week. The Fed held its April meeting. President Biden unveiled yet another tax and spend plan. And the Q1 GDP numbers came out. In this episode of the Friday Gold Wrap, host Mike Maharrey gives an overview of the week’s news and draws a rather unsettling conclusion — this economy is totally jacked up.
The Federal Reserve wrapped up its April meeting yesterday. Again, there were no changes in actual policy, leaving everybody to try to parse out meaning from the FOMC’s statement and Jerome Powell’s post-meeting press conference.
When you boil it all down, it was pretty much the same song and dance from Federal Reserve Chairman Jerome Powell.
Most people view the Federal Reserve as an important policy-making body driving the economy. But in this clip from an interview with Jay Matin at Cambridge House, Peter Schiff says the Fed’s primary role is that of a marketing firm selling the populace on bad economics and trying to convince everybody that everything is great.
Peter said he thinks a large part of the Fed’s job today is public relations and spin.
CPI came in even hotter than expected signaling rising inflation. The US government is running a massive record budget deficit. But we’re told these things aren’t a problem. Budget deficits don’t really matter. Inflation is transitory. But how can we be so sure? On this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about it.
Through the first six months of fiscal 2021, the US government ran a record $1.7 trillion budget deficit. Federal Reserve Chairman Jerome Powell said this is sustainable – for now.
During a webinar sponsored by the Economic Club of Washington DC, Powell said the economy can handle the current debt load. But he did warn that the long-term trajectory of the US budget is unsustainable.
Federal Reserve Chairman Jerome Powell keeps telling us not to worry about rising prices, assuring us that any increase in price inflation is “transitory.” It appears most of the mainstream is buying this hook line and sinker.
The March CPI number was expected to come in hot due to a much lower baseline. Prices tanked last March as governments locked down their economies. As a result, economists expected the year-on-year CPI comparison to show a big increase. But the increase was even bigger than expected. Peter Schiff talked about it in a recent podcast.
During his recent 60 Minutes interview, Federal Reserve Chairman Jerome Powell reiterated that he thinks any spike in price inflation will be transitory. As he put it during the interview, we may see “temporarily higher prices but not persistent inflation.” Peter Schiff appeared on RT Boom Bust to talk about Powell’s view on rising prices. He called the Fed chair’s position, “laughable.”
Jerome Powell was on 60 Minutes Sunday to reassure us that everything is great and the economy is in fine shape thanks to the Fed. He went on to guarantee the Fed’s indefinite economic support while downplaying inflation. Powell made a lot of promises, but as Peter Schiff breaks it down in his podcast, it becomes clear they are promises the Fed can’t keep.