Schiff Slams ‘Frankenstein Fed’ For “Letting Loose A Monster They Are Unable To Fight”
Via Greg Hunter’s USAWatchdog.com,
Money manager and economist Peter Schiff says all the talk you are hearing from the Federal Reserve is simply the Fed “pretending to fight inflation.”
Schiff explains, “Everything I predicted with inflation breaking out and the way the Fed would react to it has come true...”
“The next thing is the Fed is now pretending it’s going to fight inflation. I say they are pretending because they have no real intention of doing it because they can’t. If the Fed could fight inflation, it would have started the fight a long time ago. They would have acted preemptively when it was obvious it was a problem…
I have been warning about this for over a decade. As the Fed was on this course of deliberately creating inflation, I always said this was going to come back and bite the Fed because they were going to let loose a monster that they were not going to be able to fight, like Frankenstein.
The Fed used to say we don’t care if we have too much inflation, we know how to solve it. We have the tools, and I pointed out that they may have the tools, but they ain’t going to use them because it was like having a handgun as the tool for a headache.”
Schiff says there is record amount of debt in all sectors. Schiff points out,
“Now, the Fed says it’s going to take away all that free money? The Fed is going to normalize interest rates? Everything that was built on that foundation is going to implode. We would have a financial crisis that would make 2008 look like a Sunday school picnic, and there will be no bailout if the Fed is fighting inflation. It wouldn’t be another ‘Great Recession,’ it would be a ‘Greater Depression.’
This is why the Fed can’t do anything. The Fed can’t do what Paul Volker did . . . and raise interest rates to 20%.”
Schiff says the economy is going to tank no matter what the Fed does, and you will see this in the job market soon. Schiff says, “I see massive layoffs coming…”
” It’s going to be like Covid except without Covid. Instead of the government shutting down the economy, the economy is going to shut itself down. Not because it’s been ordered to, but because the cheap money is gone…
Fed Head Powell is going to reverse course, and when he does, the bottom is going to drop out of the dollar. Gold is going through the roof. You better be fully positioned in your portfolio when that happens. It’s probably going to happen while you are asleep because the dollar is going to collapse in Asia. That’s where our biggest creditors are, and that’s where the mass exodus is going to start.”
Schiff advises to stock up on everything you think you are going to need. Things such as toiletries, food, spare parts for your equipment and anything else you can store because everything is going up in price. It will never be cheaper, and in the future, you might not be able to get it at any price.
There is much more in the 44-minute interview.
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with money manager and economic expert Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.
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Tyler Durden Wed, 05/11/2022 – 14:45