Peter Schiff: 2022 Will Be Even Worse Than 2021
(AdvancingTime Blog)
Gold-promoting Peter Schiff was just interviewed about his views on 2022:
Peter Schiff: 2022 Will Be Even Worse Than 2021
January 5, 2022
The first question posed to Peter was have Americans’ prospects for prosperity become less likely? Peter said he thinks they’ve diminished dramatically and will get even worse as the decade progresses. He pointed out that in the 50s, Americans had much more economic freedom. The government was much smaller. The US was a large industrial nation with big trade surpluses. We had a sounder economy and more savings.
“We’re the mirror image of that now. We’re the world’s biggest debtor nation — record trade deficits. We’ve got no savings. We have a complete bubble economy based on artificially low interest rates, excess consumption financed by debt and money printing. And we’re about to pay the piper for that.”
Peter said we’re just now seeing the tip of an inflationary iceberg. And despite pulling back a little bit, the Federal Reserve is still pursuing a highly accommodative monetary policy.
“He is throwing more gasoline on the inflationary fire that the Fed lit. So Americans, I think, are going to be dealing with a dramatically diminished standard of living as this decade unfolds. I think the dollar goes down a lot. The cost of living goes up dramatically.” …
“We really couldn’t survive the economic downturn. So, the Fed bailed us out with more money printing. You know, we haven’t been innovating our way out of crisis. We’ve been printing our way out. But we’ve printed out way into an even bigger crisis because now we’re paying the piper. Because this inflation acts as a lag. In fact, I think we’re still dealing with the inflation that was created before the pandemic. Wait until we catch up to the even greater inflation that we created after.”
Peter pointed out the true definition of inflation – the expansion of the money supply.
Prices going up are merely a result of inflation.”
Prior to the pandemic, much of the inflation was manifesting itself in asset prices – real estate, stocks and bonds. Consumer prices didn’t go up as much. (Although they went up more than the government admitted with its rigged CPI.)
I think right now prices are rising at a faster rate than in any year during the 1970s. But instead of being on the verge of doing something to contain inflation, we’re just getting ready to make it worse.”
The Fed can’t do anything about inflation because of the level of debt in the economy. https://schiffgold.com/interviews/peter-schiff-2022-will-be-even-worse-than-2021-interview/
The US dollar has been debased by government policies.
Inflation has begun to rise.
And while the Federal Reserve has not necessarily lost all control of the situation, the US economy cannot survive what the Fed did from 1979-1982.
Which was?
Dramatically raise interest rates.
If the US government had to pay something like the interest rates of the early 1980s on its current official debt, the interest payment would be over $5 trillion per year.
The US brings in nearly $4 trillion in taxes and other revenues.
So, just the interest, and nothing else, would be more than the US government brings in all taxes, etc.
That is not sustainable.
And would be disastrous.
That is part of why the US Federal Reserve cannot do now what it did decades ago.
Might we see more inflation in 2022?
Yes.
Government policies blamed on COVID-19 and other debt plans have been factors.
The history of the US government increasing debt, which it has accelerated because of policies related to COVID-19, is setting the stage for more inflation.
The media and the populous will demand more ‘stimulus’ –which means more debt.
Republicans and Democrats will push for it and Congress will go for it. And the President of the United States will sign one or more bills for it.
Sadly, many in the media and government act like printing up money is really the solution for the US economy because of the effects of COVID-19 policies.
But there is a real risk of massive inflation.
The truth is that the USA is setting itself up for massive inflation, as well as food shortages. Recently, we uploaded the following video:
Food Inflation & the 3rd Horseman of the Apocalypse
The Wall Street Journal, Reuters, UN’s FAO, and others are reporting food price inflation as well as often selected shortages of some food items. Might it get worse? Did Jesus prophesy famines? One analyst stated, “WE haven’t seen anything yet” in regards to rising food prices. Should Christians prepare? What about helping others? Does the ride of the third horseman of the Apocalypse (Revelation 6:5-6) point to a coming time of severe food inflation. Is more food price inflation coming? Dr. Thiel addresses these issues and more in this video.
Here is a link to the video: Food Inflation & the 3rd Horseman of the Apocalypse.
Hyperinflation will hit the USA.
And while we are NOT there yet, its results, including increasing USA debt, will be worse than almost anyone realizes (cf. Habakkuk 2:6-8).
Last May, notice the following related to the views of Peter Schiff:
Dollar is Going to Collapse – Peter Schiff
May 25, 2021
Money manager and economist Peter Schiff says all the debt and money printing by the Fed will, ultimately, get down to one thing and that is the U.S. dollar. … In 2021, the consequences of “money for nothing” are finally kicking in. Schiff explains, “The inflation crisis and the dollar crisis . . . are a much bigger economic event that will have a much greater impact than the 2008 financial crisis. I have been warning about the consequences of all this money printing for years and years. Now, finally, you are really starting to see that. The government has been able to bury the amount of inflation they have been creating because of the CPI (Consumer Price Index). The CPI doesn’t really capture the degree that prices are going up. So, it creates a false sense of confidence that we haven’t had inflation, but now prices are rising so rapidly that even the government’s doctored CPI number can’t hide it. . . . We are getting these huge price increases across the board.”
How worried should people be about all the Fed money printing? Schiff warns, “The Fed says there’s nothing to worry about. … The dollar is going to be crashing, and they can’t bail anybody out from a dollar crash because all they can do is print more dollars, which will just accelerate the collapse of the dollar.”
The warning is simple. Schiff says, “This is a completely dysfunctional economy that is going to collapse when the bottom drops out of the dollar. I think that crisis is close at hand.”
In closing, Schiff points out, “Gold and silver are very cheap. Everything is in a bubble except gold and silver because gold and silver are real money. …” 05/25/21 https://usawatchdog.com/dollar-is-going-to-collapse-peter-schiff/
While the Bible shows that gold and silver will one day be considered worse than useless (cf. Ezekiel 7: 19), it also shows that it will have value after the USA is defeated (cf. Daniel 11:39-43).
That being said, yes the USA dollar will collapse one day.
National repentance is needed, but is not expected (Hosea 11:3a, 5b-7)–but you can repent if you respond to God’s calling.
Some items of possibly related interest may include:
Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
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