There is all sorts of spin out there when it comes to pumpiing. Peter Schiff recently made an appearance on News Nation to talk about the economy. He explained that the spin misses the particular mark. The real source of inflation isn’t the pandemic or Putin. It’s the Federal Hold.
Philip said he thinks the Q1 GDP shrinkage will turn into the first quarter of this new recession.
“ This is going to be considered a very deep recession. It can last for a long time. And it could possibly be the worst recession anyone has experienced. ”
Peter said inflation will make this recession particularly problematic.
“ Inflation is high and it’s going increased. So , you’re going to have the combination of a very weak economy in recession and high inflation getting worse. And pumpiing is going to complicate the intensity of the recession and ensure it is that much more difficult for typical Americans to endure this. ”
The host mentioned that Treasury Secretary Janet Yellen recently conceded that the economic climate will likely face more shock absorbers and challenges in the future. Yet she continues to insist the economy is strong overall. Peter said Yellen includes a very poor understanding of the economy.
“ She had a poor understanding as Fed chairman, and before that, she a new poor understanding when the girl was a member of the FMOC. She was clueless concerning the financial crisis that was looming about the horizon. And of course, she was jumping on the bandwagon more recently of inflation being ‘ transitory’ when it clearly was not. So , she isn’t going to really know very much about the economy. She’s just right now there to talk up the economy regardless of how bad it looks. She’s going to put positive spin on it. But it’s a disaster. ”
Peter pointed out the record trade deficit for 04 and reiterated the economy is a devastation.
The sponsor pushed back a bit, saying there are some signs that the economic climate is OK. He remarked that airlines have never been busier. Hotels are booked for the summer. That would seem to show consumers think things have the potential to be OK.
Peter conceded that will some people still have hope. But it’s a false hope.
“ The particular Fed is printing a lot of money and the value of that money is going down. It’s going to accident eventually. It’s not about the consumer. It’s about the producer. And I just said we have the particular worst trade deficit in our history because our economic climate is not productive. What we are going to doing is printing a lot of money and we’re spending that money to buy things that are made in other countries. So , it’s the rest of the world that’s being productive, not America. We’re becoming profligate. We’re just spending the money that the Federal Reserve prints out of thin air. But absolutely inflation. That’s the source of the particular inflation. It’s not Putin. A possibility the pandemic. It’s the Federal government Reserve. It’s the US federal government running record budget loss being monetized by a Federal Reserve that’s printing all of this money. The money is dropping value. Prices are going upward. The government is being dishonest about how exactly much because the CPI grossly understates the degree a which prices are rising. Costs are rising at a lot more than double the rate the government statements. ”