The Fed Has Already Lost the Inflation Fight – Ep 807

The Peter Schiff Show Podcast

Peter Schiff

Business, Politics, Business News, Investing, News

4.7 • 5.8K Ratings

🗓️ 7 May 2022

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

· Stock market gets clobbered.
· Crypto market gets clobbered.
· Markets still closer to the top than the bottom.
· Productivity sees biggest drop since 1947.
· We may already be in an inflationary depression.

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Transcript

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0:00.0	Today's podcast was recorded yesterday.
0:02.4	If you want to listen to my podcast commercial free,
0:05.1	the day I record them, go to petershift.locals.com.
0:12.5	The petershift show.
0:18.0	Today's podcast is sponsored by Avast.
0:20.4	Avast, a new all-in-one solution.
0:22.3	Avast 1 helps you take control of your safety and privacy online
0:26.4	through a range of features.
0:28.3	Learn more about Avast1.avast.com.
0:31.2	The big story today is the huge market collapse on Thursday,
0:36.1	which more than reversed the relief rally that we had on Wednesday,
0:41.3	following the FOMC decision to raise interest rates by 50 basis points,
0:47.3	and to take a 75 basis point rate hike for future meetings off the table.
0:53.0	The markets originally interpreted that as good news,
0:56.4	but then they had a chance to think about it again,
0:58.9	and it became bad news.
1:00.6	I don't think it really mattered.
1:02.8	The markets are headed lower for reasons that really have nothing to do
1:07.3	with rather or not the Fed is going 50 or 75 basis points,
1:11.1	because either hike is inadequate for the task at hand.
1:14.9	It doesn't matter. It's too little too late.
1:17.5	50, 75, 100, the Fed is not in a position to raise interest rates anywhere near enough
	...

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