[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

100-Year-Old Veteran Breaks Down Over What America Has Become

Supreme Court strikes a blow on bureaucrats

Politico issues correction after falsely claiming Clarence Thomas promoted COVID vaccine-aborted fetus theory

The Dobbs Leaker Accomplished Nothing But Accenting The Left’s Contempt For Democracy

PredeTermined AlgoriThms Source of ... Widespread ElecTion Fraud --- in Arizona

After Roe, Never Trumpers Should Just Admit They Were Wrong

Calling Justice Thomas ‘Uncle Clarence’ exposes the rotten sham that is the progressive movement

The Democrats’ lies on abortion since SCOTUS’ overruling of Roe v. Wade

President Trump, A Formidable Candidate In 2024 Republican Primaries: Golden/TIPP Poll

The Red Wave Is Not Just Inevitable, It’s Also Conservative

How liberal policies have killed black communities: Clarence Thomas

UPDATE ON JIM ROBINSON

STRANDED!!! Lake Mead's Water Dropped Too Fast!!!

A Supreme win for school choice

The More Americans Decide The System Is Rigged, The More They Will Silently Rebel

How Donald Trump Saved the GOP

Marching in Time

Mortgage Rates Explode and Housing Crash Imminent - With Scott Walters and The Economic Ninja

A Warning From A Farmer

What I Just Learned Will Shock You

Lake Mead Drought Update!!! What's Going On?!!!

"Homosexuals Are Coming For Your Kids Via Disney... They Want Us To Be Just Like Them"

Go read this report about a Google contractor who claims he was fired for calling out cult activity

WAYNE ROOT - My LaTesT Exclusive InTerview wiTh PresidenT Trump ... The RevelaTions - His Shocking Response AbouT Running for House Speaker --- Proof America is Under CommunisT ATTack

EXCLUSIVE: Rubio questions Harvard on Fauci-China cover-up

Can ChrisTian Russia ... save The world --- from globalism?

All in all it's just the groomers on the prowl "Another Brick in the Wall"

North Korean defector: I am terrified of the 'massive indoctrination coming from the left' in public schools

Trump vs DeSantis: Who Should Patriots Support for 2024?

Disney Disaster: United Arab Emirates Bans Pixar’s ‘Lightyear’ over Lesbian Kiss

The entire hood came out to beat this white man and they stole his car. Leftists be like 'stop profiling people'.

The FBI knew RussiaGate was a lie — but hid that truth

The narraTive is shifTing fasT ... Zelensky may soon see his --- 'supersTar' sTaTus in The WesT on The decline

The Eerie Silence Around Kavanaugh Assassination Attempt

FReepers have always supporTed him ... he goT sick --- can’T be There for all of you.

Kayleigh McEnany calls out Harris for failing to condemn threats against Kavanaugh: 'Where is the media?'

Colin Kaepernick Transitions In Order To Make Carolina Panthers Cheer Squad

ABC News: Our Numbers Show Biden Is a 'Serious Drag' on Democrats

Will Boudin Be the First Soros D.A. to Fall This Year?

Woke LA District Attorney strikes out in California court

Media Group Backed By George Soros And Obama Staffer Buys Conservative Latino Radio Stations Ahead of Midterms

Transfaggots want women to spend more time smelling their poop

Trumpology

Parents are still being treated like terrorists

If Schools Don’t Let Boys Into Girls’ Bathrooms, Biden Will Take Their Lunch Money

The Cancer of Election Fraud

California Spills Water into Ocean rather than letting Farmers Grow Rice

Bertrand Russell - Message To Future Generations (1959)

The bodies of those who were killed on the fields of the war in Donbas. A reportage

New bid to spin Hunter BidenÂ’s laptop


Status: Not Logged In; Sign In

Business
See other Business Articles

Title: Peter Schiff: The Recession Is Already Here And It Won't Be Mild
Source: [None]
URL Source: https://www.zerohedge.com/economics ... ready-here-and-it-wont-be-mild
Published: May 24, 2022
Author: Tyler Durden
Post Date: 2022-05-24 11:25:09 by 3-Dee
Keywords: None
Views: 60

Peter Schiff: The Recession Is Already Here And It Won't Be Mild

BY TYLER DURDEN

TUESDAY, MAY 24, 2022 - 05:30 AM

Via SchiffGold.com,

The mainstream is concerned about the Fed pushing the economy into a mild recession as it battles inflation. Peter Schiff recently appeared on NTD News to talk about the economy. He said the recession is already here and it’s not going to be mild!

First of all, I think the recession has already started. I think we’re in it now. It’s just early.”

Peter reminded the audience that the first-quarter GDP data already came in as a negative print.

I don’t think it’s going to be a mild recession. I think this recession is going to be worse than the Great Recession that started following the 2008 financial crisis.”

Few people in the mainstream saw the Great Recession coming either.

In fact, when we were six or seven months into that recession, the Federal Reserve and other economists still claimed that there was no recession anywhere in sight. So, this recession is going to be much worse than that one.”

Peter said ongoing inflation will make this recession particularly problematic.

Inflation is actually going to be exacerbated by the recession. So, Americans are going to have the worst of both worlds. A worse recession than the Great Recession of ’08 but worse inflation than anything we experienced in the 1970s.”

Mainstream pundits say one reason we don’t have to worry about a financial crisis like the one in ’08 is because banks are in good shape. Peter said the banks are only in good shape until the value of their collateral collapses and people can’t repay their loans.

That’s what happened in the last financial crisis. This one is going to be even bigger because the economy has a lot more debt now than it did in 2008. And Americans are less able to pay it when interest rates rise because the balances are much greater. So, we’re in much worse shape as a result of all the bailouts and all the stimulus that papered over the last crisis. So, now the one we’re dealing with is going to be much worse because we kicked the can down the road instead of solving the problem when we had a chance.”

Is there a remedy? Or is the damage already done?

There is a remedy, but it’s not without pain. And unfortunately, it’s the middle class and the poor who are going to feel the pain the most. Because if the Fed fights inflation, it’s middle class and poor people who are going to suffer the most during the inflation fight. If they don’t fight inflation because they think they want to spare the middle class the pain of a horrible recession, well then they’re going to suffer even more with massive inflation.”

The stock market has been in a freefall for weeks. How much lower can stocks go?

They can drop a lot further and they will drop a lot further until the Fed does an about-face and acknowledges how weak the economy is.”

Peter emphasized that the Fed is only pretending it’s going to fight inflation.

Because it’s also pretending the economy is strong enough to withstand the fight. It’s not. Even though the fight is inadequate to solve the inflation problem, it’s going to cause a big problem for the economy that is so levered up on debt.”

Meanwhile, you have people like Elizabeth Warren saying businesses are gouging customers.

They’re not. They’re actually not raising prices enough. They have to raise prices more because businesses have been taking a hit in their margins. They’re going to have to prepare for reduced sales at higher prices because customers don’t have the money and that’s when the layoffs begin.”

Peter said this is a recipe for rising inflation and surging unemployment at the same time.

So, what should Americans do?

Stock up on the stuff that you need now while they can still afford it. Prices are going to go much higher for basic necessities.”

And Peter said that we could see government price controls down the road. That would make things even worse, causing more widespread shortages. But would the government really impose price controls?

We did it in the 1970s. Why wouldn’t they do it again? The government has a history of repeating its mistakes. It never learns from them.”

Post Comment   Private Reply   Ignore Thread  


[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com