The dust continues to settle after the failure of Silicon Valley Bank and Signature Bank, and the ensuing government bailout. Many people in the mainstream seem to think the crisis has passed. But a closer look at the condition of the banking system reveals these two banks were just the tip of the iceberg. Peter Schiff appeared on NewsMax Wake Up America to talk about the financial crisis. He said that there are more bailouts to come.
In this episode of Metal Exchange, host Mike Maharrey chats with SchiffGold analyst Tony about the recent bank failures, the bailouts, the reaction of the markets and what might happen next. They conclude that if you’re betting that the Federal Reserve has everything under control, that’s probably a bad bet!
The Federal Reserve added nearly $300 billion to its balance sheet in a single week as it kicked off its loan bailout program for banks.
In effect, the Fed loaned troubled banks $300 billion of new money that was created out of thin air.
In other words, we got $300 billion in inflation in a single week.
Peter Schiff appeared on the Capitol Report on NTD News to talk about the bank bailouts and the possible ramifications. He said that no matter what President Joe Biden and others tell you, Americans are going to pay for this.
The interview started with a clip of Treasury Secretary Janet Yellen assuring Congress that the banking system is safe. So, should we feel confident in our banking system?
The annual rise in the Consumer Price Index (CPI) for February came in at 6%. This was down from the 6.4% annual increase charted in January. The eighth straight monthly decline in CPI seems to have restored faith that the Federal Reserve is winning the inflation fight. But everybody should probably stop and remember that the target is 2%.
Six percent is a lot bigger than 2%.
On June 14, 2022, Peter Schiff appeared on Ingraham Angle, and he said, “Thanks to the Federal Reserve, everybody has so much debt that we can’t afford to pay an interest rate high enough to fight inflation. But it is going to be high enough to cause a massive recession and another financial crisis that’s worse than the one we had in 2008.”
On March 13, 2023, Peter was on Ingraham Angle again, this time to talk about the beginning of that financial crisis.
Federal Reserve Chairman Jerome Powell performed some “open mouth operations” on Capitol Hill Tuesday.
Powell talked and the markets freaked out.
Despite the hotter-than-expected CPI data for January, most people still seem confident that the Federal Reserve can win the inflation fight, drive CPI back to 2% in relatively short order, and then return to the easy monetary policy we all have come to expect. Friday Gold Wrap host Mike Maharrey does not share this optimism. In this episode, he outlines three reasons the Fed won’t win the inflation fight.
Peter Schiff appeared on Greg Hunter’s USA Watchdog.com show to talk about inflation and the economy. Peter didn’t paint a rosy picture, explaining that the Federal Reserve is ultimately going to throw in the towel on the inflation fight in order to fight something much worse – economic collapse.
The markets basically shrugged off the hotter-than-expected inflation data for January. Most people remain convinced that the Fed can easily get price inflation back to 2% without wrecking the economy. But in his podcast, Peter explains that stuffing that inflation genie back into the bottle is a lot harder than most people seem to think.
