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so that's the current state of the cutting edge of financial journalism in this country peter schiff is one of the few honest men left in that business we're happy to get his assessments tonight peter schiff thanks so much for for coming on so i'm michael this this is a massive change looking not at the cpi but at the actual cost of living in the country it's very obvious that the inflation rate is not seven percent it's much higher than that in that it cost more than seven percent to live here than it did last year why is this not on the front page of every publication well because the government wall street uh the federal reserve has a vested interest in the public not understanding how bad inflation is in fact one of the ways the fed's been able to justify creating more inflation is because they claimed we didn't have enough of it but the only reason we didn't have enough of it is because they were relying on their own highly rigged cpi you know the cpi wasn't always this dishonest you know when they compare our inflation rates to the inflation of the 1970s we're not using the same cpi that we use then the the the annualized rate of inflation so far according to the cpi for 2021 is 7.3 percent if you annualize the the first 11 months that's the worst rate since 1982 but if we were using the same cpi as we used in 1982 the rate would be closer to 15 which means it's the worst year in inflation in us history because the highest one year was 1980 when it was 13 and a half percent and this year it's more than that so i guess i don't understand why no one's being punished for this crime i see people destroyed literally destroyed for voting for the wrong person or hitting on the wrong person at a party or supporting their brother over text message whatever the people who destroyed the us dollar seem to be getting away with it how is that yeah well they just renominated powell to a second turn as if he did such a great job on his first term it's a complete disaster of course they might have replaced him with somebody even worse but this is the only way the government can finance all the spending you have the democrats now promising all sorts of stuff for nothing we're going to get free preschool everyone's going to get paid family and medical leave and no one's going to have to pay for it nobody's taxes are going up we're paying for it through inflation because the money to pay for all this government is being printed into existence and then it's spent into circulation and as it's spent into circulation it's driving up prices and when jim cramer was talking about all the money we're spending yeah the problem is we're not earning it we're printing it and then prices are going up our productivity is collapsing we just got the worst productivity numbers in 62 years in this country our trade deficits are exploding we the economy is imploding it is a mess we just can't see it because we're blinded by all the inflation right really quick how long until the investors have lost faith in the us dollar that's why they're running to crypto how long till the rest of the world loses enough faith that the us dollar is no longer the world's reserve currency well people still have confidence in the dollar in the federal reserve i don't know why they've gotten so many things wrong you know i think the people that are running to crypto are unfortunately running in the wrong direction they're probably jumping from the frying pan into the fire but eventually the world is going to leave the us dollar the dollar is going to collapse money is going to flow into other currencies it's going to flow into real money gold and silver it's going to go into real assets stocks real estate mostly outside the united states because we're going to be the epicenter of a coming currency crisis and sovereign debt crisis that's going to make the financial crisis of 2008 look like a sunday school picnic yeah this is bigger than coronavirus or pronouns this is big i don't know why it's being ignored i you are not ignoring it i appreciate it thank you so much you
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