Peter Schiff: Powell Caved — Inflation Wins

On the latest episode of The Peter Schiff Show, Peter examines the latest turn in Fed policy and the political forces steering it. He argues that the Federal Reserve has reversed course under pressure, that credit expansion still drives price rises, and that foreign central banks are accelerating a move into gold. He also warns that growing government intervention in industry risks turning markets into state-directed economies.

He points out that last week in Jackson Hole, Powell himself admitted the economy is weaker now, with growth roughly half of what it was a year earlier:

Powell said that there can be no doubt that the economy today is weaker than it was a year ago. GDP growth. In fact, he mentioned it was about half. According, I think, to his assessment, he talked about how it was running at a little over 2% a year ago, and now it’s slowed down to 1% or just over 1%. So in other words, the economy is growing at half the pace that it was growing at under Biden.