Everything Is Getting More Expensive - Peter Schiff #5103
b'Covid was an excuse to increase the size of government. We\\u2019re not raising taxes but even if they do raise taxes they will pale in comparison to how much is being spent. We\\u2019ll all have a lot less because the government is taking so much more. They can try to cover it up with a distorted CPI, and they\\u2019ll claim it\\u2019s the sign of a growing economy. We just had the worst trade deficit in history and the pundits claim it\\u2019s a sign of a growing economy, which it isn\\u2019t. Weak economies suffer rising prices, not a strong one.\\xa0 The stimulus was a grab bag. There was no real way to control the fraud. Wealthy people were getting the PPP. The fraudsters lined up around the block to take the government\\u2019s money. They were gifts not loans. Everyone was in favor of it. A huge boondogle of the highest order.\\xa0 We don\\u2019t learn from history. The 1920 bust was higher than 1929, but Coolidge cut government spending dramatically which made it a sharp but brief recession. In 1929 we went with Keynes and the recession carried on for over a decade. Herbert Hoover did everything the Keynesians wanted to be done and it didn\\u2019t work. Roosevelt just picked up the baton. From 1932 to 1941 was a long running continuous depression.\\xa0 There\\u2019s hedge funds blowing up and there always will be. The problem is the lenders. The funds can\\u2019t pay back its loans. The lenders are on the hook. Banks were so desparate for income that they would loan to anyone. Too big to fail and increase the moral hazard.\\xa0 Peter has positioned himself and others by recognizing that the biggest casualty is going to be the dollar. Paper wealth is going to dissipate. The post-dollar era is coming and you need to play that trend. Resources and business that have those resources will help protect your wealth from future disasters.'