Peter Schiff and Tucker Carlson Were Right on Inflation
In the spring of 2021, as the Fed insisted that inflation was
transitory, Peter Schiff was warning that inflation was here to stay and
that it would get much worse (FOX NEWS interview).
Going
forward to November 2021, Powell admits that the Fed was wrong in
thinking inflation was transitory, but claims everyone else made the
same mistake.
Channel: Peter Schiff (https://www.youtube.com/c/peterschiff)
Video link: https://www.youtube.com/watch?v=PWoKAfMJhiY
ALL CREDIT GIVEN TO THE CREATORS
Partial Transcription:
"When the government spends money...what happens is the Federal Reserve prints the money and the government spends it into circulation, but when that happens, the value of all the money that is out there goes down, and the price of everything goes up."
"It feels as it's intentional... Is this the way they are going to pay down the debt, by...devaluing the dollar? "
"Certainly, as you have inflation, you reduce the real value of the debt, but the government has no plan to pay off the debt."
"The real problem is the amount of money they are going to have to spend just to finance all their current commitments."
"This is a massive amount of money printing. It is unprecedented inflation because it is the money supply that is being inflated, and as a result everything costs more."
"We are not producing more, it's the opposite...yet we are creating more money to buy the products 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."
"In 10 seconds, is this as crazy as it looks?..."
"The Fed pretends that it's transitory..."
"...If the Fed actually raises rates to fight inflation, they will create a much bigger financial crisis than in 2008 and the US government will be forced into insolvency..."
Transcribed by JKO Radio News.
See you soon.
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