Coronavirus: Thread

[grarpamp]

Government "policy" has never been of any benefit,
an abhorrence against free markets and free peoples.


Federal Reserve Chairman Jerome Powell recently participated in an IMF
roundtable with European Central Bank President Christine Lagarde and
several other figures in global politics and banking. In his podcast,
Peter Schiff broke down Powell’s comments and revealed that just about
everything Powell said was wrong.

Moderator Sara Eisen, a CNBC anchor, said she was honored to be in the
presence of these great economic minds. Peter said these are the last
people you want to listen to if you want to know what’s going on in
the global economy.

    These are politicians disguised as economists or bankers. They’re
either incompetent or liars. So, either way, you’re never going to get
a valid answer.”

Powell started his presentation by talking about how strong the
economy was prior to the pandemic.

Wrong.

As Peter said, we didn’t have a great economy.

    We had a great bubble, a gigantic bubble. That’s what we had.”

Then Powell said the pandemic came along and screwed up this great
economy. Peter said Powell was wrong again.

    No. The pandemic maybe pricked the bubble. But it also exposed the
underlying weaknesses in the economy. Because had we truly had a
strong economy, we could have weathered the pandemic to a much greater
degree than we did. And of course, we would have weathered it better
had we not had the horrific government response to the pandemic.”

Of course, Powell had a different take. He talked about the
“remarkable” fiscal and monetary response.

And wrong again.

    It wasn’t remarkable. It was the worst possible response you could
have made. It sowed the seeds for the inflation that we’re
experiencing now. But more importantly, the even greater inflation
we’ve yet to experience, but that we will experience.”

Then Powell talked about the great economic recovery we’ve experienced
thanks to this “remarkable” policy.

And once again — wrong.

    We didn’t have a great recovery. We never recovered at all. We got
even sicker. It’s just that Powell didn’t know that. All we did was
spend the money that the Fed printed, and we’re experiencing the
consequences.”

Powell mentioned inflation as if it came around out of nowhere and
just rained on the parade. He acted as if this inflation freight train
just came out of nowhere. Nobody expected it and there was nothing
anybody could do about it.

    Powell made it out as if everything was great and then, all of a
sudden, we had inflation and a war. And so now, we’ve got this big
problem. But of course, he fails to acknowledge or accept any
responsibility for having created the problem.”