Despite destroying the middle class with higher interest rates to tame inflation, the PPI just surged at an overheated pace. Biden has no idea what he is doing.
While economist and successful stockbroker Peter Schiff can overreact, his latest announcement is worth hearing.
Peter Schiff
“He said it’s not a problem for the future,” as Jerome Paul would have us think. He was referring to Jerome Powers, recent 60-minute interview. “This is not a long-term problem anymore; this is a short-term problem that could blow up any minute. It’s this generation that’s going to pay the piper, not some future generations. It’s happening right now.”
As Mr. Schiff said, the US is on the hook for over $1 trillion in debt payments every year.
”Jerome Powell shouldn’t be worried about it because we’re on an unsustainable path; he should be worried that we’ve already arrived at an unsustainable destination.”
“It’s going to be a problem for the future generations. We are taxing and borrowing from future generations. It’s unsustainable, and it’s going to be a problem in the future… That’s basically a way of saying it’s not a problem right now, so none of you were watching 60 Minutes tonight. Don’t worry. It’s your grandkids right that they have to worry. So, who cares, right? They’ll figure it out.”
”We are on the brink of a fiscal catastrophe… Contrary to pals, optimistic assessments, I see an economy built on Shakey, foundations of debt, fueled, spending and artificially low-interest rates.”
”[Powell is] a politician. He wants to pretend that everything is great, to let the politicians off the hook from having to actually make any of the difficult political choices. And it’s only difficult because it jeopardizes the reelection… Paul is basically doing an infomercial for the Biden administration, talking about how great the economy is… claiming victory over inflation.”
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