Last week, we got another big jump in consumer prices with the February CPI data. Peter Schiff appeared on Fox News with Tucker Carlson to talk about the rampant inflation. He said it’s only going to get worse. Inflation only has one way to go.
Tucker said Peter should feel vindicated. He’s been right on inflation all along. Peter emphasized that inflation didn’t just happen overnight.
Inflation has been a problem for a while. We just didn’t care about it when it made stocks go up or real estate go up. But now that it’s making food prices go up and energy prices go up and rents go up, it’s a bigger problem.”
Peter also emphasized that inflation isn’t created by COVID, or by Putin, or by “greedy corporations.”
There’s one source of inflation. The actual definition of inflation is an expansion of the money supply. And it’s the Federal Reserve that’s been expanding the money supply. They’ve called it quantitative easing, but they keep creating dollars. And it’s the US government that spends those dollars into circulation, and as it does that, the value of each dollar goes down. So, the price of everything that you buy with dollars goes up.”
Peter said the middle-class will feel the impact of the inflation tax the hardest.
Their wages are not going to go up nearly as much as the cost of living. There are other people who are retired, who are on fixed incomes, and those incomes aren’t going to go up at all.”
The CPI for February was 7.9%. That’s being called the worst inflation since 1982. But what they don’t tell you is they measured CPI differently then.
If we use the same CPI today that we used then, we would be over 15% inflation, which means 2021, or 2022, right now, this is the worst inflation in our lifetimes. We’re experiencing higher inflation now than anything in the 1970s. And this decade is just getting started. Inflation’s got only one way to go and that’s up.”
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