Money manager Peter Schiff thinks that big inflation is in the cards for struggling Americans. Schiff explains, “This is going to be a rude awakening for the average American when he finds out how broke he really is. . . . Whether it’s double or triple or how long it’s going to take, prices are going to go way up. Eventually, going to Walmart is going to be like going to Neiman Marcus. Prices are going to be very, very high, and that means Walmart is not going to selling as many products in America. This also means that Walmart is not going to need to employ as many Americans. So, there’s going to be a lot of layoffs.”
On the Fed’s huge multi-trillion dollar bond portfolio, many years ago, Schiff predicted the Fed could not sell anything and only buy more junk to prop up the markets. Schiff adds, “Here we are in 2016, and not only has the Fed not sold a single bond, every bond that has matured has been rolled over. Every dime of interest they earned has been used to purchase more bonds. So, they are trapped in the very monetary roach motel they were trapped in from day one.”
Join Greg Hunter as he goes One-on-One with three time best-selling author Peter Schiff, founder of both Euro Pacific Capital and Schiff Gold.
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