Chief Economist & Global Strategist: Europac.com, Founder: SchiffGold.com, Owner and Founder: EpacFunds.com, Host: SchiffRadio.com, Owner: Europacbank.com
Puerto Rico
Joined July 2009
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- Followers 771,609
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America was founded by rugged individuals who created government to secure their rights and leave them alone. Americans today want government to violate other people's rights, steal their stuff, and give it to them. The home of the free has become the land of the freeloader.
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Today's outside reversal day likely means the bear-market rally is over and that #stocks will soon hit new lows. Investors are bracing for #recession and higher short-term interest rates than previously expected. But they're not bracing for #inflation remaining high despite both.
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Every time the economy enters #recession it takes a larger dose of monetary stimulus to get it out. That's because the stimulus prevents real solutions from taking place and sows the seeds of a worse recession to come. This recession will now require a fatal overdose of stimulus.
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N.Y. Fed Pres. John Williams admitted the #Fed needs positive real interest rates to fight #inflation. He then said he expects inflation to fall to just 2.5% next year, so a terminal rate of 3.5% will be enough. With current real rates -5%, why would 8.5% inflation fall to 2.5%?
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Actually, current real rates are closer to negative 6.5%. If Williams is correct, then to reduce #inflation the #Fed needs to immediately raise interest rates to 9.5%. Since it's not even close, inflation in 2023 is likely to rise from its current 8.6%, not collapse down to 2.5%.
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The Bank of International Settlement is warning that central banks must be aggressive in fighting #inflation now so as not to risk falling behind the curve, which would require a far more painful policy adjustment later. It's much too late for that advice!ft.com/content/b937e023-c86c…
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Because #Bitcoin whales succeeded in pumping Bitcoin close to $70K, it's much easier for them to unload more worthless Bitcoin at $20K, as those suckers who are buying think they're getting a bargain. These "bargain" hunters averaging down will eventually be known as bag holders.
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Investors are making an even bigger mistake in thinking the #Fed will succeed in bringing #inflation back down to 2% than they did in thinking inflation was transitory. They are also mistaken in assuming that any potential #recession will be mild or that it will cure inflation.
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Peter Schiff retweeted
Dallas Fed Plunges As Respondents Unleash Unprecedented Slamdown Of "Disastrous" Biden Administration zerohedge.com/personal-finan…
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Busts are usually proportionate to the artificial booms that precede them. We had a financial crisis in 2008 and Great #Recession because the boom the #Fed created with 1% interest rates for about two years was so large. Imagine what follows 0% interest rates for nearly 14 years!
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Anyone thinking this #recession will be mild doesn't understand recessions. The longer interest rates are held too low during a boom, the more mistake that must be corrected during a bust. Since rates have never been so low for so long, this recession will be the most severe yet.
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Trying to avoid a #recession is a mistake. When artificially low interest rates result in economic mistakes, the best thing for the economy is to allow market forces to correct them. #Fed policy to avoid a recession that past policy mistakes made necessary is a bigger mistake.
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On March 30, 2020, about a week after the #Fed slashed interest rates to zero and launched QE4, I warned of the high #inflation to come. #Covid19, #Putin, supply chains, corporate greed, price gouging, had nothing to do with it. It's just basic economics.piped.kavin.rocks/watch?v=Z39Bflns…
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A Truly Independent Fed Would Criticize Bad Fiscal Policy – Ep 822
schiffradio.com/a-truly-inde… schiffradio.com/a-truly-inde…
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🔴 A Truly Independent Fed Would Criticize Bad Fiscal Policy - Ep 822
peterschiff.locals.com/post/…
If you don't want to wait until tomorrow to listen to today's podcast join me on Locals. peterschiff.locals.com/post/…
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Once again this will backfire. @JoeBiden will hit Americans, not #Putin, as its Americians who will end up paying higher prices for #gold. If anything Biden just did #Russia a favor.
fortune.com/2022/06/25/us-to…
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#Abortion is not about the right of a women to choose, but about the right of the unborn to live. When life begins isn't defined in the Constitution. It's an issue The Framers left to the states, that must determine if life begins at conception, at birth, or somewhere in between.
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#Democrats accusing the #SupremeCourt of taking away rights by overturning #Roe are hypocrites. Through their laws and regulations they have already destroyed the right to privacy, as well as many other rights secured by the Constitution, including the right to make many choices.
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