Posted on 08/06/2022 7:14:37 PM PDT by RomanSoldier19
Love him or hate him, but stock broker and gold proponent Peter Schiff does make a very compelling observation: consumers are paying for huge government via the inflation tax, and the only way to slow down runaway consumer prices is to aggressively hike rates and strongly cut back on fiscal spending.
Schiff took to his blog to express grievances with the state of the US economy, and the detrimental impact of soaring inflation on Americans’ incomes. “I think we’re not in recession, which was something that I had been predicting. So, inflation got stronger as the economy got weaker. And I think this recession is just getting started, and it’s going to last a long time,” he reiterated following an appearance on Rob Schmitt Tonight.
According to Schiff, when it comes to the battle with inflation, it’s actually a battle with big government. “Inflation is a tax. It’s the way government finances deficit spending.” Put shortly, when the government doesn’t collect enough revenue from taxes, its deficits must be monetized by the Federal Reserve in the form of money printing. “They call it quantitative easing, but that’s inflation. Government is getting bigger and bigger, and families across America are going to have to bear that burden through higher prices.”
(Excerpt) Read more at thedeepdive.ca ...
I gotta say that actor really has the whole insincerity thing down pat.
Inflation, of course,
recession, no.
7 Aug: Daily Mail: PETER HITCHENS: This economic crisis isn’t down to war... it’s the bill for our Covid panic - just as I foresaw
I warned clearly in March 2020 that the out-of-proportion reaction to Covid would lead to this crisis...
Now, ridiculously, persons such as the Governor of the Bank of England are trying to blame our problems on the Ukraine War which he says could not have been foreseen – an odd claim since it actually began in 2014...
But may I put in a plea to our leaders, whoever they may be, to stop making a crisis into a catastrophe? It is time to end the Ukraine War before it sets the whole world on fire and wrecks what is left of our civilisation...
https://www.dailymail.co.uk/debate/article-11087849/PETER-HITCHENS-economic-crisis-isnt-war-bill-Covid-panic.html
“it’s actually a battle with big government. “Inflation is a tax”
No schiff!
Y’all ain’t seen nothing yet.
Until you get rid of the present Democrat party rulers and their supporters(RINOs included), you can’t fix it.
So we have to just starve and wait them all out.
Should be easy, just stand aside and let them destroy
the system. They will be out of water, food, energy, and shelter.
Once the cities are reduced to “escape from New York” living conditions, we just build some walls.
Country boy will survive.
Three hings need to happen to end inflation:
Raise interest rates above the inflation rate. - Not gonna happen.
Reduce government spending. - Not gonna happen.
Stop printing money. - Not gonna happen.
The Fourth Turning has arrived
“I gotta say that actor really has the whole insincerity thing down pat.”
Big government profits from inflation.
Incomes rise, brackets creep.
Assessments rise, revenue increase.
Absolutely NO incentive for government to “tame inflation”.
Has Schiff ever expected a rosy economy?
Schiff is a permabear. He has been predicting a recession since the last recession.
But they are trying to pass a bill to borrow and print more money to reduce inflation...
Hundreds of thousands of rouble notes are being issued daily by our treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment. …
Experience has taught us it is impossible to root out the evils of capitalism merely by confiscation and expropriation… The simplest way to exterminate the very spirit of capitalism is therefore to flood the country with notes of a high face-value without financial guarantees of any sort. …[T]he great illusion of the value and power of money, on which the capitalist state is based will have been definitely destroyed.
Russian experienced hyperinflation after the 1917 Bolshevick putsch. The value of the Russian Ruble declined by a factor of 86,000,000 from 1917 through 1923.
I hate this.
Peter Schiff is usually right.
Donald Trump Warns U.S. Economy Could Reach Levels of Great …
https://www.msn.com › en-us › news › politics › donald...
Former President Donald Trump has warned that the nation could enter an economic depression due to the fiscal policies of President Joe Biden. Trump …
I’m afraid you are correct.
We are not going to land softly on this one. Normally, our government would be doing things to reduce inflation and pull back the amount of money being tossed into the system. But, we have progressives and socialists in charge. So instead, they are doing exactly the opposite by tossing more fuel on the fire. There are people who actually think you can grow the economy without any increase in the production of labor and goods.
People are celebrating the recent jobs report without paying attention to the fact that the labor participation rate dropped again. Full-time jobs actually decreased,and those with multiple jobs increased. Plus, inflation is out-pacing wage growth by a large amount.
This is not going to end well.
This bill that is about to become law is going to be the breaking point. This fall I fear a black swan event is coming.
They are doing this on purpose. I really think they plan on doing something catastrophic to stop the elections. SOunds crazy but the people are evil.
“They are doing this on purpose. I really think they plan on doing something catastrophic to stop the elections. SOunds crazy but the people are evil.”
++++++
Everything sounds crazy these days. How did “nice and easy freedom loving” U.S.of A. get to this point?
Slowly, things have evolved to where you can’t leave your house without being videoed every step of the way. All purchases are monitored, and you get a text message if you are due for a doctor’s appointment that you really do not need (but if you don’t go to your insurance company might contact you and ask “why”?).
When did we agree to this? When did we agree that our elected officials that are supposed to represent us, now instead control us? We now work for them, instead of them working for us.
we tried to warn them about the insurmountable damage that was being done to our economy and especially all the small businesses....
as long as the govt workers got their paycheck for doing no work, it was all good....
the hell with the rest of society.
It’s nice that you still believe our “ elected officials” are elected.
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