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Peter Schiff has been vocal about his concerns regarding inflation and the economy he believes that the Federal Reserve has not taken sufficient action to address the inflationary pressures in the economy and that as the year progresses we will see a worsening of the inflation data diff argues that people are spending everything they earn but there has been no reduction in spending or an increase in savings the government spending continues to grow and deficits are skyrocketing Schiff points out that the fed's initial move to hike rates had an impact on the dollar in Commodities but the easing of inflationary pressures is only temporary he expects the weakness of the dollar to accelerate which will worsen trade deficits and push commodity prices to new highs Schiff believes that not only will inflation turn higher but the economy will also turn down leading to job losses and higher unemployment Schiff is skeptical of the fed's ability to respond to a weakening economy financial crisis or inflationary pressures he argues that the FED may be forced to choose between fighting inflation or helping the economy and that the only tool the FED has to stimulate the economy is to create more inflation Schiff believes that the U.S economy has been built around cheap money and as interest rates rise the whole system will implode causing problems for everyone he anticipates that wages will be reduced in real terms even if people do not lose their jobs which will result in a huge Day of Reckoning for the U.S economy the real problem for the FED might be that not only do we get a surprise uptick in inflation but we get a downtick in the economy you know it's only a matter of time before we start laying people off I mean we're already laying people off but eventually it's going to be impacted more in the official numbers because right now what's creating all this noise in the jobs numbers are all the part-time jobs that people are being forced to take on because they can't get by on the income from their full-time job I think what's going to surprise the FED is not only that inflation is going to turn higher but the economy is going to turn down and job creation will slow down causing unemployment to go up so inflation will be stronger than the FED expects and the economy will be weaker what does the FED do in a weakening economy and maybe even a financial crisis who knows what might blow up because interest rates are almost five percent now and they're going to be five percent pretty soon we were at zero percent rates and that's a huge change we built an economy around zero percent rates and it can't function at five percent the whole thing has to implode which is a good thing because we had a phony economy and that needs to implode but when it does it obviously creates a lot of problems a lot of people are going to lose a lot of money and that's not something that the government is going to want to sit by and just watch it play out they never do they always feel compelled to intervene and do something even if what they do makes everything worse but will the FED sit back and fight inflation saying to hell with the economy labor market Financial system or stock market or will they say we don't care about inflation we gotta go help the economy we got to do something about what's happening in the economy and of course the only thing the FED can do is create inflation that's the only thing it's ever done but the consequences of that are going to be enormous in all segments of the economy not just the stock market and real estate market the American economy is based on cheap money and now it's time to pay the piper but everybody's broke and they can't pay the piper that's bad news for the piper who thought he was going to get paid but it's bad news for everybody else too because now they can't get any more free music or entertainment so this is a huge Day of Reckoning that we're just on the cost buff and differ people are going to be affected differently the definition of a recession is when your neighbor is out of work and it's a depression when you're out of work so not everybody's going to lose their job but I think everybody's wages are going to be reduced in real terms even if you don't lose your job the money that you earn is not going to go as far
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