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Economist Peter Schiff slammed President Joe Biden’s inflation crisis and emphasized it’s much worse than people even realize.
Schiff warned on the March 12 edition of his radio show that while “everybody looks to the 1970s as the worst inflation ever,” in reality the “inflation that we have just experienced in the prior twelve months is higher than any twelve-month period during the entirety of the 1970s.” He also cautioned that the U.S. was possibly on the fast track to stagflation and even hyperinflation. And in Schiff’s view, “we’re just getting started.”
He also claimed that “inflation is going to cause recession” because the government will be forced to stimulate the economy, thus creating even worse inflation. Schiff said. “And what’s amazing to me is the fact that nobody is questioning any of this.”
Schiff later criticized the “mainstream” in finance for trusting the Fed’s interest hikes will work without question: “What if you can’t put out a 7.9 percent inflation fire with 1.5 percent interest rates?” he said. “Maybe a quarter-point rate hike won’t cut it. Maybe it’s too little, too late.”
The Federal Reserve announced it is raising interest rates next week by a “quarter-point, or 25 basis points,” according to CNBC. The outlet reported that the Fed has been “under pressure from rising inflation to raise interest rates even before the Ukraine conflict.”
Schiff painted a picture of what the world might look like if the Fed fails to cool record inflation and has to go “medieval” by raising interest rates up to 10 percent or higher. “Nobody is considering the impact that that’s going to have, because it’s gonna be catastrophic,” he said.
Schiff pondered how the “overleveraged U.S. economy” would react:
“What would happen to the real estate market if interest rates were ten percent, meaning that maybe the cheapest […]
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