Posted on 05/20/2021 4:51:51 AM PDT by MtnClimber
On Tucker Carlson’s Wednesday show, Peter Schiff discussed the rising inflation. Unfortunately, the clock ran out before he had a chance to explain his last claim. That claim was the ominous statement that “The government’s cure is what is going to kill the economy.” Schiff was right when he said that. It’s important for everyone to understand how the Biden administration is driving America straight to a crash:
SNIP
Eventually, Powell or his successor will discover that it is a lot easier to let inflation get started than it is to bring it under control. Once the Fed puts on the brakes, Biden’s sugar high will turn into a post-sugar crash due to rising interest rates and rising trade deficits.
The worst-case scenario would occur if foreigners stop using the inflating dollar as the medium of exchange in international transactions, resulting in a crash in the dollar’s exchange rate, much higher prices for imports, and a huge cut in the American standard of living. China appears to be preparing for that scenario by rolling out a digital yuan that could be used as an alternative to the dollar for international transactions.
Since we wrote this, every trend that we predicted has been occurring:
-Inflation has been rising faster than expected. -The Fed has kept its foot off the brakes. -The dollar has been drifting downward in foreign exchange markets. -Russia has joined China's push to switch away from using the dollar for international transactions.
The Fed is blowing things big time. It should be tapping the interest-rate brakes now, but it is not.
(Excerpt) Read more at americanthinker.com ...
Leftists always destroy economies.
I think it is China’s fondest wish to destroy the dollar for international trading. That would screw us real well.
And, at best, our media would say “Look what China did” rather than “Look what Biden did”.
Our protectors, the GOP, installs a CCP bought and paid for stooge as president and this is news? After the great betrayal on 1/7 how could anything but this or worse be happening?
“The Fed is blowing things big time. It should be tapping the interest-rate brakes now, but it is not.”
Going to five-year renewable adjustable rate mortgages would allow interest rates to remain low, but would remove the impetus to buy a house now regardless of the price.
The Fed should stop buying 30-year mortgages.
The Democrat media pretends Biden and Harris are alright. People with common sense know the truth!
“I think it is China’s fondest wish to destroy the dollar for international trading.”
The Chinese (like many Americans) dislike the way the dollar is mismanaged.
The shelves at Wal-Mart indicate that the Chinese like money, even American.
“The dollar has been drifting downward in foreign exchange markets.”
The Euro has gained about 10% in a year over the dollar.
The pound & yuan have gained about 15% in a year over the dollar.
The yen/dollar conversion rate is kept in a narrow range - probably thanks to the Japanese government.
Sadly, I think the perception of Biden/Harris is much more about what media you consume vs reality.
The world is losing confidence in the dollar because of our reckless fiscal policy and inability of our government to say no. As people lose confidence in the dollar, for good reason, it will change our lives in ways that most do not comprehend and it could happen rather quickly.
The Fed should be acting to stop the insanity, but instead they are facilitating it because they are part of the globalist uniparty.
Decades of reckless overspending by both parties are what brought us here, and only a paradigm shift in the role of government spending can save us.
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