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Peter Schiff: Everything Is Getting More Expensive – ‘Day Of Reckoning Is Close At Hand’

Financial Survival Network, Released on 3/29/21

Covid was an excuse to increase the size of government. We’re not raising taxes but even if they do raise taxes they will pale in comparison to how much is being spent. We’ll all have a lot less because the government is taking so much more. They can try to cover it up with a distorted CPI, and they’ll claim it’s the sign of a growing economy. We just had the worst trade deficit in history and the pundits claim it’s a sign of a growing economy, which it isn’t. Weak economies suffer rising prices, not a strong one.

The stimulus was a grab bag. There was no real way to control the fraud. Wealthy people were getting the PPP. The fraudsters lined up around the block to take the government’s money. They were gifts not loans. Everyone was in favor of it. A huge boondogle of the highest order.

We don’t learn from history. The 1920 bust was higher than 1929, but Coolidge cut government spending dramatically which made it a sharp but brief recession. In 1929 we went with Keynes and the recession carried on for over a decade. Herbert Hoover did everything the Keynesians wanted to be done and it didn’t work. Roosevelt just picked up the baton. From 1932 to 1941 was a long running continuous depression.

There’s hedge funds blowing up and there always will be. The problem is the lenders. The funds can’t pay back its loans. The lenders are on the hook. Banks were so desparate for income that they would loan to anyone. Too big to fail and increase the moral hazard.

Peter has positioned himself and others by recognizing that the biggest casualty is going to be the dollar. Paper wealth is going to dissipate. The post-dollar era is coming and you need to play that trend. Resources and business that have those resources will help protect your wealth from future disasters.

Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, Barron’s, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He’s also the author of the bestselling books: Crash Proof 2.0, The Little Book of Bull Moves in Bear Markets:, and The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country.

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