Peter Schiff has been saying that all of the “help” the US government and the Federal Reserve have offered up during the coronavirus pandemic isn’t helping. In fact, it’s made the situation worse. In a podcast last month, Peter said that all of the money printing and stimulus allowed people to keep spending, but they aren’t producing anything.
The problem is government doesn’t seem to understand the difference between money that is actually earned by being productive and money you get just because the Federal Reserve or some other central bank conjures out of thin air. When you’re productive, you’re helping to grow the economy. When the Fed prints money, all they’re doing is distorting the economy and increasing the cost of living.”
Over the last year, the US government has added trillions to the national debt and the Fed has monetized much of that, growing the money supply at a record pace. All of this money printing is supposed to keep the economy afloat during the crisis, but as economist Robert Murphy shows, it’s not even doing that. We may have had a rebound in GDP and unemployment has dropped since the early months of the pandemic, but as Murphy points out, the US labor market is still “in terrible shape,” and all of the money printing in the world can’t fix that. Murphy calls Federal Reserve and US government policy over the last year “scandalous.”…
Over the past year?? How about the past 20 years? Greenspan should be in jail along with bernanke.
Betrayal is the business model of disaster capitalists, and that’s who’s running the “fed”.