Schiff on Young & Profiting: Inflation, Taxes, and the Case for Real Money

On a recent appearance on the Young & Profiting podcast, Peter Schiff joins host Hala Taha to explain why today’s economic challenges—from rising income inequality to persistent inflation—trace back to misguided monetary policy and unsustainable government spending. Peter lays out his case against the conventional wisdom of redistribution, critiques the current tax system, and calls for a return to sound money. 

Peter opens by challenging the narrative that capitalism produces rampant inequality. Instead, he argues, it’s Federal Reserve policy that fuels the ever-widening wealth gap in America:

But income inequality today is actually higher than it’s ever been, and the reason for that is because of the monetary policy that the Federal Reserve has pursued. And as a result of that, we have an extreme income inequality that is not the natural byproduct of capitalism and which is a problem. But the solution isn’t for the government to try to redistribute the wealth from the rich to the poor. That always backfires. And that will lead to even greater income inequality. What we have to do is change the monetary policy that has enriched the few at the expense of the many.