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Peter Schiff Shared: Producer prices surged .8% in Nov., soaring by a record 9.6% YoY. SenWarren blames inflation on greedy businesses gouging their customers. But consumer prices are only up 6.8% YoY. In reality, businesses are letting their customers gouge them by not raising their prices enough!
Community Response: And gold is down. Yes, crazy. The worse inflation gets the more investors assume the Fed will fight it. The fact that the Fed let it get this bad proves it won’t.
Bank of England Governor.Oct.1999.”Therefore at any price, at any cost, the central banks had to quell the gold price, manage it. It was very difficult to get the gold price under control but we succeeded. The US Fed was very active in getting the gold price down. So was the U.K.
I always thought you liked inflation! Now I’m confused cuz 1. You dislike inflation 2. You dislike
Bitcoin which can’t cause infinite inflation in long run.
All the FED can is print more money, which means more inflation. This will never stop. When everyone realizes Bitcoin cannot inflate, they will join the party fashionably late.
They manipulate it easily with paper gold. We need to find some kind of money that can’t be manipulated. Maybe something with a built-in auditing system. Any ideas?
Who cares if it was down this year? Gold wasn’t up every year in the 1970s. But if you held it from 1970 to 1980 you had a fairly satisfying gain of over 24x. That’s a 37.4% CAGR. You have to ask yourself if you have the temperament to be a long-term investor.
Fed Credibility is now at an all-time high, ergo, gold is getting sold hard as investors are scared stiff of rate hikes and a booming dollar next year.
Primary producers? Why is the price of crude oil the same today as it was 3 years ago? Didn’t the fed money machine pump the value of the dollar to be worthless?
Agree. Now it’s the fault of bad businesses who have to compete for market share. Obviously, when you have no clue how an economy works. It cannot be the fault of the government who printed in the last 12 months 40% of all existing US dollars (additionally).
The amount of overtime being paid out at supplier and retailer level, increase in freight costs and ingredient costs is astronomical. At this pace commodity chicken and ground beef will be $20 per lb in no time.
Except the businesses that use debt [and in fact inflation] to buy their own shares. So businesses aren’t innocent about printing money. It isn’t thanks to them that CPI is lower than PPI; it is only about the de-connection between financial market and consumer market.
The FED and commercial banks also aren’t innocent. But don’t worry an elastic always come back to where it comes from. The only thing that can vary is its velocity.
It’s greedy businesses not paying enough to keep up with rising prices. If everything goes up at the same rate, there’s no issue.
The “Depression” is here. In the Gold Mining sector. Why gold price down? Who is selling?
It’s shrinkflation Peter, and that’s going to get even crazier to try to mask all this inflation.
General Mills just announced they are raising prices 20% in 2022, on products like Cheerios. How is inflation only 7%?
For a second I thought you were going to say it was Bitcoins fault.
If only education institutions and child care providers would quit gouging their customers we may not even need most of the BBB plan.
Peter Schiff and what about the debt ceiling vote? What if it doesn’t go through and the government defaults?
They should have never left the gold standard everything is broken and phoney.
Make so much money you don’t care what stuff costs.
Lack of taxation on the uber rich allows for monopolies to grow. This started with Nixon, got a huge bump from Reagan, and then weak leaders followed the corrupt central banks for their 4 -8 year run always stimulating into the face of Greed.
