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Peter Schiff: The Inflationary Nightmare – Biggest Bubble to Biggest Bust

Tom welcomes Peter Schiff, the CEO and Chief Economist of Euro Pacific Asset Management, Chairman of Schiff Gold, and host of Schiff Radio to the show.

Peter discuss the Fed’s approach to inflation and why the they are purposely keeping the truth from the public in order to prevent a crisis. He believes inflation will not go away until there is a will in Washington to get rid of it, and that quantitative easing to accommodate large deficits caused by reckless government spending will only increase inflation.

He also noted that while deflation is often seen as a bad thing, it is actually beneficial for consumers who can buy items cheaply. Peter believes that the current 2% inflation target is no longer relevant and that the government has created a safety net that has become a hammock for some people, eliminating many unskilled jobs.

He believes that the minimum wage law has made it impossible for young people to gain the skills they need to move up the job ladder, creating a permanent underclass.

The Fed has run out of tools to help the economy and free markets were not allowed to work during the COVID crisis. Gold is coming back in a big way due to the devaluation of fiat currencies. Lastly, Peter argues gold is more efficient, less volatile and expensive, and faster than Bitcoin.

Talking Points From This Episode

  • The current state of the labor market and the Fed’s 2% inflation target is no longer relevant.
  • Government regulations stifle company growth, and less regulation has actually led to less fraud.
  • Investors should focus on international markets, emerging markets, commodities, and value stocks.

Time Stamp References:
0:00 – Introduction
0:39 – Honesty at The Fed
7:08 – Fed & More Hikes?
10:03 – Scary Deflation
14:10 – Blame Inflation
15:20 – Inflation Targets
18:35 – Unemployment Rates
26:02 – Fed & “Solutions”
30:05 – Covid Spending Spree
32:47 – Gov’t & Free Markets
36:20 – Competition & Efficiency
40:50 – New Investment Paradigm
46:48 – New Era & Digital Gold
50:13 – Silver Vs. Gold
52:40 – Sound Money & Education
55:08 – Concluding Thoughts

Guest Links:

Peter Schiff is an honorary chairman of SchiffGold, founder of Euro Pacific Asset Management, and host of The Peter Schiff Show. Peter is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics. He is one of the few forecasters who accurately and publicly predicted the 2007 housing market collapse and subsequent 2008 financial crisis. His latest best-selling book, The Real Crash: America’s Coming Bankruptcy – How to Save Yourself and Your Country, warns that the 2008 crisis was just the prelude to a larger sovereign debt crisis in the United States that may lead to a collapse of the US dollar. Peter recommends long-term investment in foreign markets with sound fiscal policies, as well as global commodities including buying gold, silver and other physical precious metals.

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