Posted on 03/25/2021 2:07:55 PM PDT by RandFan
@PeterSchiff
As of now I am scheduled to be on Fox News at 8:50 PM EDT with @TuckerCarlson. We will be discussing #inflation, what it means for the typical American family, and why the #Fed has put itself into a position of having to let the inflation fire burn rather than try to put it out.
Schiff is one of my favorite economists. He was Ron Paul's economic advisor and a critic of big government and the Federal Reserve.
He speaks the truth even when people don't like it...
Inflation, massive spending, tax increases, unrestricted mass migration. The collapse is coming quicker then you think.
It does not look good does it.
Schiff is going to lay it out on PRIME TIME >>> Should be interesting
Peter Schiff: Fed is trapped; will either bankrupt the goverment or the American people
FYI Kitco is a gold dealer.
I like him too.
I agree with the concept that eventually the cost of deficit financing and quantitative easing will be enormous I have discounted his constant the sky is falling forecasts
The saying eventually a blind hog gets the acorns applies to him, keep predicting disaster eventually after 20-30 years you might be right
“Schiff is going to lay it out on PRIME TIME >>> Should be interesting”
He’s been wrong for 25 years but never changes a word. Someday maybe he’ll be right.
Hard to predict exactly when.
Who thought all the banks would collapse in 08? Well, Schiff did.
He is worth listening to and will lay it out for Tucker.
He was right about the 2008 collapse
I’m also a fan of Jim Rickards.
The Federal Reserve met last week and voted to keep interest rates unchanged. What a shock!
The Fed also gave an upbeat forecast of economic growth, predicting that the U.S. economy will grow 6.5% this year, its highest rate in nearly 40 years. Its December 2020 forecast projected 4.2% growth.
The Fed also expects that the economy could return to full employment next year and that inflation could hit 2.4% this year before declining again.
In effect, the central bank said they were willing to let the economy run “hot” and risk higher inflation in order to capture the benefits of stronger growth.
Zero rates are essentially a given as far as the eye can see. What about that growth forecast?
The Fed has one of the worst forecasting records of any financial institution in the world. My expectation is that growth is slowing now and will get worse as the year progresses.
I believe this will be especially true as the Biden administration policies of higher taxes, more regulation, and open borders that import cheap labor take effect.
Biden has also shut down new oil and gas exploration and wants to push a Green New Deal that will guarantee higher energy prices. Higher energy prices are a burden on the economy.
Many believed that the new $1.9 trillion COVID-relief bill recently signed by Joe Biden would be the last bailout law and end the deficit spending binge needed to pull the U.S. economy out of the pandemic-related slump. To those believers, we say, “Guess again.”
Democrats didn’t even wait for the ink to dry on Biden’s signature before beginning to plan a new deficit spending bacchanal, this time perhaps as much as $4 trillion. I’m not sure why it’s needed considering the most recent $1.9 trillion of deficit spending had little to do with COVID.
Only about $250 billion went for pandemic projects, such as vaccine production, vaccination centers, aid to hospitals, medical equipment and therapeutics.
The other $1.65 trillion went to earned-income credits (that no longer have to be “earned;” you get them for doing nothing), child-care credits, union pension fund bailouts, higher unemployment benefits, extended unemployment benefits, student loan relief, and all-purpose blue state bailouts for New York and California.
You can debate the merits of each one of these programs, but the fact remains that they are not directly related to COVID relief. They’re welfare programs, pure and simple.
The new bill being considered by Democrats will focus on climate change, legalization of illegal immigrants and infrastructure. Again, these programs have nothing to do with COVID-relief and everything to do with the longstanding wish list of political goodies.
The White House and Congress are apparently under the sway of Modern Monetary Theory (MMT), which says that deficits don’t matter, debt levels don’t matter, and there is no limit on Treasury borrowing or Fed money printing as long as there is slack in the labor market.
Most members of Congress have probably never heard of MMT until very recently (if at all), but they’re marching to the beat of the drum as sounded by Bernie Sanders and Alexandria Ocasio-Cortez.
The historic reason for not pushing the national debt to the absolute limit except in time of war was to make sure there was some slack in the bond market in case of war. You kept your borrowing capacity in check as a form of dry powder in case it was needed for an existential crisis.
MMT ignores this constraint and pushes debt to the limit leaving nothing in reserve. Let’s hope we don’t have a real war that may have to be funded under stretched conditions.
History says we may not be so lucky.
https://dailyreckoning.com/wrong-again/
I’ll be watching...
I saw Shiff and thought it was Adam Shiff. Which prompted me to wonder why he would have Adam Shiff as a guest. Then I read the full name. DOH 8>P
Very unfortunate to share that surname..
As an aside, Peter’s father was a tax protestor. He was locked up for life by the feds and died in prison because he espoused that the Federal income tax was unconstitutional.
Search ‘Irwin Schiff’ (his father)
Geeze, even I saw that coming with the Dems demanding banks/lenders to give no-down-payment loans to people whose income didn't qualify - all in the name of social justice. Then when they started to bundle and re-sale mortgages, I knew that would have domino effect. I just wondered why it took so long. I got out of equities in late 2008. I even made some of my losses back buying in mid-09. I'm all cash now and living a comfortable retirement.
So what if I've missed the run-up. I won't play with the stock market again. It can crash for any reason at any time.
Difference is you didn’t go on cable tv where everyone laughed at you. He did put his neck on the line and was proven right.
Just because this next collapse is taking some time does not mean it won’t happen.
It is not easy to predict timing. One day we will wake up to the crisis.,,,,
When democrats talk about infrastructure - they're NOT talking about supporting the country's means of production... things lie roads and bridges and airports... Nope democrats are talking free community college for all Americans under 'infrastructure'... etc etc etc.
Remember this - over spending, flooding the country with illegals, and dismantling most citizen protections in the Constitution is not an accident. They are doing these things on purpose. Democrats know what will happen and it's what they want to have happen.
I was thinking Adam, not Peter.
I don’t think Irwin ever said that. He mostly said that wages are not income. Wages are an exchange of your time for money. There is no derived (calculation). The 16th amendment did not authorize taxing wages. which is truly does not as the wording suggests. Wages are authorized to be taxed directly without apportionment via the court case Glenshaw Glass. Which interpreted the word income to mean “any Appurtenance to wealth” additions of value thru no effort of yours. You borrow your friends car for free and put new tires on it. He has to pay income tax on the value of the car with new tires.
Fair enough.
Irwin wrote books telling people not to pay income tax and he also refused to pay... this is why they kept him locked up for a very long time.
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