Economist Peter Schiff took Joe Biden’s “ Putin’s Price Hike” talking point to the woodshed on Thursday, chronicling just how inflation and rising expenses of goods and services began long before Russia’s invasion associated with Ukraine.
In a wide-ranging interview on “ The Megyn Kelly Show”, Schiff, the CEO of EuroPacific Capital, stopped working how the Biden administration’s make an effort to blame high inflation and rising costs on Russian President Vladimir Putin is actually just a cover for the Government Reserve’s money-printing actions.
“ First of all, we’ve been dealing with much higher-than-expected pumpiing numbers for a long time, all of 2021, long before Putin invade the particular Ukraine, ” Schiff informed host Megyn Kelly.
“ Costs kept going up month right after month, more than expected, as well as the Fed kept saying, ‘ don’t worry about it, is actually transitory, it’ll go away on its own’. And in truth, the Fed was finally forced to reluctantly admit that inflation was not transitory . And all this particular happened before Putin occupied the Ukraine. ”
Schiff went on to indicate that the blame for America’s economic pain lies using the Federal Reserve and the Oughout. S. government, not the particular Russian invasion of Ukraine, in part because Biden’s sanctions against Russia only exacerbated prices around the world rather than penalize Russia itself.
“ By the way, even if you are try to blame some pumpiing on the invasion, it’s more the sanctions that are effecting prices than the invasion itself, ” he noted. “ Not that I’m saying we should condone the invasion, but we also have to take the responsibility that the US is certainly leading the charge upon these sanctions. ”
“ I think nor is the culprit. It’s all the Federal Reserve and the U. S. government, ” he continued. “ It’s Congress, it’s the Biden administration which has been spending money that it was not gathering in taxes. We were working record budget deficits, as well as the Federal Reserve was monetizing those deficits. We were publishing all this money and the government was spending it. All of us told people not to visit work, not to be productive. ”
“ So we flooded the country along with money, at the same time, the production of goods and services slowed down, and of course, prices went up. It’s not a surprise, it’s exactly what I used to be saying was going to happen whenever they first went down this misguided path. And so we’re basically reaping the whirlwind from the wind that we sowed, ” he added.
Kelly agreed, saying “ It’s too much money chasing too little goods, and they just kept pushing money after money after money into the economy and finally found a scapegoat: Vladimir Putin. ”
Nevertheless, Biden invoked “ Putin’s price hike” since recently as this week following a release of the latest customer price index numbers displaying inflation hopped to 8. 5% in March.
BIDEN: “What people don’t know is that 70% of the increase in inflation was your consequence of Putin’s Price Hike. ” pic. twitter. com/oUsryQ3wk8
— Breaking911 (@Breaking911) April 14, 2022
Watch Schiff’s complete interview: