Peter Schiff recently appeared on Tucker Carlson’s show (see video here) to talk about inflation. He said the price of everything is going up and the value of everything is going down and it’s clear it’s going to get even worse. Here is what he had to say (in excerpts from an introduction on his site):
The Federal Reserve is printing money at an unprecedented rate. We’ve had 11 straight months of historically high money creation. The money supply expanded at a record rate yet again in February….but…the government has no plan to pay off the debt…
The real problem, however, is the amount of money they are going to have to spend just to finance all their current commitments…[and[ it’s unprecedented inflation because it’s the money supply that is being inflated and, as a result, everything costs more, because we’re not producing more. It’s actually the opposite. Americans are at home. They’re not producing goods and services. Yet, we’re creating more money to buy the goods and services that fewer people are producing. More money, fewer goods. Prices are just going to keep going up and it’s not going to stop….
The Fed pretends that it’s transitory but when they have to admit that it’s not transitory the inflation rate will be far too high for the Fed to do anything about it because, if the Fed actually raises rates to fight inflation, they’ll create a much bigger financial crisis than 2008 and the U.S. government will be forced into insolvency.
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