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and we also want to bring in today's special guest economist mark faber he's also the publisher of the gloom boom and doom newsletter which you can get by going to gloomboomdoom.com mark thanks so much for being back with us on the income generation well thank you very much for having me on your program mark lately we've seen people in the grocery stores here in america doing the head shake and they're shaking their head looking at how prices have rose so rapidly in this rapid inflationary environment that we have and we know the fed has poured gasoline on the fire of inflation as the form of accelerant so they are really a lot to blame here with this inflationary issue but where do you see inflation going from a consumer perspective can prices just keep rising in this environment well that depends very much on fiscal policies and as you hinted that it will depend mostly on the federal reserve but you understand the federal reserve has abused its power for the last four years for the last four years they have pursued monetary policies that encourage consumption and that encourage asset bubbles and we have evidence of that they created an asset bubble with the housing market between 2003 and 2007 and then after the great financial crisis they started in december 2008 with qe1 at the time i was asked when that would end and i said this is not qe1 it's qe infinity because once you embark on money printing it's very tough to abandon to stop printing money unless you are prepared to take a significant recession and this is now where we are today the fed in my opinion will increase interest rates maybe 50 basis points and over the next six to nine months maybe do one percent maybe one one quarter but then things could get so bad in the asset markets because as you know mortgage rates have almost doubled from the lows that we had 18 months ago so so this trend that we have of rising inflation and rising rates then is not really transitory in a short-term sense you're saying there's going to be a longer trend and a more aggressive trend towards a rising rate environment unlike anything we've seen in 40 years that's what i hear you saying mark is that what you're saying i'm saying we're headed into an inflationary spiral that is unstoppable for the time being also because of the stupidity of government officials you have to see this esg environment social and governance issue that increases the price of everything and if you have embargoes against russian oil russian resources and so forth and so on you can become of course you can become energy independent we can all have uh solar panels on the roof and windmills in the gardens and on hollywood boulevard we can have some wind mills as well but the cost is incredible and what is cost efficient nuclear power they don't want that they don't want right well you bring up all these great points but the world thinks the fed is the financial savior of every financial crisis and it sounds like they may have outdone themselves here since technically they aren't a law abiding institution they've got a blank check and they can do whatever they want and so you're saying that the chickens are coming home to roost then i guess is what you're saying basically what i'm saying is the federal reserve is the arsonist they put on the inflationary fires they put on bubbles they create bubbles and then when everything collapses they come in and says look because of us it's not worse than it already is that's what the fed does the fed and other central banks are criminal organizations mark fober jeff small again great being with both of you thank you so much for being here
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