Is this real life. BIDEN DID WHAT NOW?!
What 0 represents is Joe Biden’s understanding of the U.S. economy, because he has no clue what’s going on. You can’t brag about the fact that we had one loan month where high prices didn’t get any higher. It’s not like they went down, they just didn’t go up. But if people were struggling with high prices, their struggle didn’t get any easier, it remained the same. What would have been good is if prices could have come down, but they didn’t come down. And in fact, the only reason that the headline number didn’t go up was because we finally got some relief at the pump. Gas prices came down, but a lot of other prices, food prices keep going up, rents keep going up. We are nowhere near done with this inflation problem. It is going to be here for years and years and years, probably the remainder of this decade, and probably then some, as they keep telling us, this is a very unique recession. In fact, most people don’t even want to admit that we have one. But look at the recessions of the 1970s. You had rising prices there during stagflation, and that’s what my forecast is.
Remember, last year, I was predicting the US economy would be in recession in the first half of 2022, and very few people had that right. But I also predicted that inflation wasn’t transitory, that it would get stronger as the economy got weaker, and that is exactly what happened. Now, the reason that I believe that inflation is going to kick into a higher gear as this recession that we are in gets worse is because I believe Powell is going to pivot, ultimately, and he is going to give up his fight against inflation in order to fight a different foe, and that is going to be a recession and rising unemployment and potentially a financial crisis, either one that has already happened or one that is rapidly approaching. And so I think Powell is going to choose what he believes to be the lesser of the two evils, and I think he’s going to pick fighting recession and propping up financial markets and monetizing government debt so the Treasury doesn’t have to default.
I think the Fed is going to pick that over inflation. And so, unlike the pivot that we got with Volcker back in 1982, where Volcker pivoted after a victory in his fight against inflation, Powell is going to pivot despite defeat. Inflation is going to win. And so, when we go back to 0% interest rates or whatever we do, and when we go to QE5, which is going to be launched, I don’t think the Fed is going to shrink its balance sheet very much.
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Speaker Peter Schiff
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BIDEN DID WHAT NOW?!