The evil Empire has the ultimate weapon – the printing press. This diabolical machine is capable of bringing death to the dollar and destroying the entire economy. Watch the drama unfold as Peter Schiff and his rag-tag band of Austrian School economists fights the evil empire and tries to save the Republic from the Keynesian menace.
President Trump’s chief economic advisor. Larry Kudlow. used to worry about the Federal Reserve’s monetary policy. As a talk show host, Kudlow was concerned that quantitative easing, money-printing and zero percent interest rates were a mistake. He worried that the US would become the next Argentina. But that was a long time ago in a galaxy far far away.
Now he’s gone over to the dark side.
As Director of the United States National Economic Council today, he’s not worried, even though the Fed’s current policy is far more reckless.
On Dec. 16, 2008, the Fed cut interest rates to zero for the first time. You can watch as Kudlow expresses fear and indignation at the Fed’s move. At the time, Peter said it was going to be disastrous.
Asset bubbles have burst. Real estate prices have to fall. Companies have to fail. This phony service-sector economy has to be allowed to unwind. We have to let the free market function. If the government tries to simply manufacture savings out of thin air and get people to go deeper into debt to buy more products that we can’t afford, they’re going to destroy our currency.”
Kudlow asked a poignant question at the time. “How do we unwind from this unprecedented government intervention.”
Of course, the answer is we never did.
Peter predicted it at the time.
The idea that they’re going to be able to raise rates when they finally see inflation is nonsense. If they won’t raise them now, they’ll never raise them. The longer they wait, the harder it’s going to get.”
The Fed eventually did get around to trying to raise rates. It set about the task in earnest in 2018 and then abandoned the effort when the stock market started to tank in the fall of that year. The central bank then reversed course and cut rates three times last year – long before coronavirus reared its ugly head.
It’s clear the skeptics were right. Yet 12 years later, with interest rates still at zero and QE infinity, Peter Schiff remains “the last Jedi.”
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