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Tag Archives: inflation

Peter Schiff: Economic “Rescue” Plan Like Throwing a Drowning Man an Anchor

President-elect Joe Biden unveiled his massive stimulus plan last week touted as the “American Rescue Plan.” In his podcast, Peter Schiff said it was more like throwing a drowning man an anchor.Before Biden announced his stimulus plan, Jerome Powell spoke and reassured everybody that the Fed will continue with its loose monetary policy. He emphasized that the central bank will hike interest rates “no time soon.” He also pushed back against some of the other Fed...

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Spend! Spend! Spend! SchiffGold Friday Gold Wrap Jan. 15, 2021

The US government ran the biggest December deficit in history last month and there is no end in sight to the borrowing and spending. President Biden unveiled a new $1.9 trillion stimulus plan this week. So what? Why does it matter? Can’t this “rescue the economy?” Host Mike Maharrey talks about all of the spending and the money printing necessary to support it on this week’s Friday Gold Wrap podcast.The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious...

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US Government Runs Biggest December Deficit in History

The US government ran the biggest December budget deficit in history last month.The December budget shortfall came in at $143.6 billion. That compares with a $13.3 billion deficit in December 2019, according to the Monthly Treasury Statement. Spending continues to drive the ballooning budget deficits. Receipts were actually up 3% year-on-year in December, but outlays exploded by 40% year-on-year. Uncle Sam spent $490 billion in a single month. Just three months into fiscal 2021, the...

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Peter Schiff: Commodity Boom Isn’t About Economic Growth; It’s About Inflation

Commodities are booming. A lot of people seem to think this is a sign of pending economic growth. But in his podcast, Peter Schiff said it’s really a sign of inflation.Most of the investment world continues to focus on the stock market and they’re not really paying attention to what going on in the commodities markets. And as Peter put it, that’s going to have a big impact on what happens in the supermarket.Agricultural commodities, in particular, are on fire. We’re...

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Peter Schiff: The Bond Market Is Rigged!

You may have noticed that the financial media has started talking about inflation. But by and large, it’s not a warning. It’s reassurance. Many analysts are dismissive of any concerns raised about inflationary pressure. They often claim the bond market isn’t signaling inflation. But as Peter Schiff points out in a clip from a recent podcast, the bond market is rigged.The narrative is that the bond markets aren’t signaling much concern about inflation. Treasury yields have...

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Daniel Kaufmann on Swiss monetary policy

My biggest frustration over the past decade is how often I see economists misdiagnose the stance of monetary policy, either reasoning from price changes or reasoning from quantity changes. The “reason from a price change” problem has been discussed extensively in this blog, so today I’ll focus on reasoning from a quantity change. Many economists assume that a country that has done extensive QE has, ipso facto, adopted an expansionary monetary policy. That is certainly...

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The Perfidious Effects of Money Printing

There were a number of inauspicious records set in 2020 and the impacts will continue to reverberate through the economy in the future.The Federal Reserve created money at a record rate. It also increased its balance sheet to record levels. And not to be outdone, the US government set a budget deficit record.These three records were actually linked. The money printing and expansion of the Fed balance sheet were necessary to monetize the massive federal debt. And there is no sign that...

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2021 Says “Hold My Beer!” SchiffGold Friday Gold Wrap Jan. 8, 2021

Everybody was happy to get 2020 behind them. We figured it can’t get any crazier. Then 2021 showed up and said, “Hold my beer!” During the first full week of 2021, we had surprise election results and protests that went sideways in Washington D.C. That produced strange reactions on Wall Street. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about a wild week one of the new year and ponders what might be coming down the pike.The SchiffGold Friday Gold Wrap podcast...

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Peter Schiff: We Don’t Get Any Government for Free

Last September, Peter Schiff warned during an interview on RT Crosstalk about the devaluation of the dollar.Everybody in America is going to be impoverished to a degree by these failed policies.”Peter recently appeared on the Chris Salcedo Show on to talk more about government spending, inflation, and the weakening dollar. The US government has spent trillions of dollars for coronavirus relief, running up massive budget deficits. Peter opened the interview by reminding viewers that every...

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Peter Schiff: Congress Is the Real Threat, Not Protests

Somewhat lost in the chaos of the DC protests was the fact that Democrats won both Georgia Senate runoff races. That effectively gives the Democrats control of both houses of Congress. In his podcast, Peter Schiff made the case that Congress is the real threat to America, not the protesters who broke into the Capitol building.Peter said he thinks that Trump’s threat to veto the spending bill unless Congress upped the stimulus checks to $2,000 was a key reason the Democrats won.That put...

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