Economist Peter Schiff took Joe Biden’s “Putin’s Price Hike” talking point to the woodshed on Thursday, chronicling how inflation and rising costs of goods and services began long before Russia’s invasion of Ukraine.
In a wide-ranging interview on “The Megyn Kelly Show”, Schiff, the CEO of EuroPacific Capital, broke down how the Biden administration’s attempt to blame high inflation and rising costs on Russian President Vladimir Putin is really just a cover for the Federal Reserve’s money-printing actions.
“First of all, we’ve been dealing with much higher-than-expected inflation numbers for a long time, all of 2021, long before Putin invade the Ukraine,” Schiff told host Megyn Kelly.
[embedded content]“Prices kept going up month after month, more than expected, and the Fed kept saying, ‘don’t worry about it, it’s transitory, it’ll go away on its own’. And in fact, the Fed was finally forced to reluctantly admit that inflation wasn’t transitory. And all this happened before Putin invaded the Ukraine.”
Schiff went on to point out that the blame for America’s economic pain lies with the Federal Reserve and the U.S. government, not the Russian invasion of Ukraine, in part because Biden’s sanctions against Russia only exacerbated prices around the world rather than punish Russia itself.
“By the way, even if you’re going to try to blame some inflation on the invasion, it’s more the sanctions that are effecting prices than the invasion itself,” he noted. “Not that I’m saying we should condone the invasion, but we also have to accept the responsibility that the US is leading the charge on these sanctions.”
“I think neither is the culprit. It’s all the Federal Reserve and the U.S. government,” he continued. “It’s Congress, it’s the Biden administration that has been spending money that it was not collecting in taxes. We were running record budget deficits, and the Federal Reserve was monetizing those deficits. We were printing all this money and the government was spending it. We told people not to go to work, not to be productive.”
“So we flooded the country with money, at the same time, the production of goods and services slowed down, and of course, prices went up. It’s not a surprise, it’s exactly what I was saying was going to happen when they first went down this misguided path. And so we’re simply reaping the whirlwind of the wind that we sowed,” he added.
Kelly agreed, saying “It’s too much money chasing too few goods, and they just kept pushing money after money after money into the economy and finally found a scapegoat: Vladimir Putin.”
Biden and his cohorts have been facing ridicule for consistently pushing the “Putin price hike” narrative since the beginning of Russia’s invasion of Ukraine in late February,
Nevertheless, Biden invoked “Putin’s price hike” as recently as this week following the release of the latest consumer price index numbers showing inflation jumped to 8.5% in March.
BIDEN: "What people don't know is that 70% of the increase in inflation was the consequence of Putin's Price Hike." pic.twitter.com/oUsryQ3wk8
— Breaking911 (@Breaking911) April 14, 2022
Watch Schiff’s full interview:
[embedded content]Inflation To Trigger Food Riots In The US
source https://www.infowars.com/posts/watch-peter-schiff-annihilates-bidens-putin-price-hike-talking-point
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