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 <p class="paragraph">As the United States grapples with inflation, renowned American economist Peter Schiff has accused the government, particularly the US Federal Reserve as one of its branches, of causing it, challenging the widely accepted viewpoint of rising salaries as the actual source of the price increases.</p>
 <p class="paragraph">Specifically, Schiff has challenged the narrative of increased salaries <a rel="noopener noreferrer nofollow" title="causing" href="https://thebittimes.com/tag/causing.html">causing</a> <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a>, arguing that, instead, <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> can lead to higher nominal salaries, whereas pointing the finger at, in his view, the real culprit – the US <a rel="noopener noreferrer nofollow" title="government" href="https://thebittimes.com/tag/government.html">government</a> and the Fed, according to his X post on May 20.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Rising salaries don't cause inflation. Inflation can result in higher nominal salaries. Inflation has only one source. The government, which includes the Fed.</p>— Peter Schiff (@PeterSchiff) May 19, 2024
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 <h2 class="wp-block-heading" id="h-peter-schiff-twitter-warnings">Peter Schiff Twitter warnings</h2>
 <p class="paragraph">Indeed, Schiff has been warning about inflation for some time now, including last month, when he referred to this threat as “gravely understated” by those who are trying to curb inflation fears, stressing that the current situation was “just the tip of an inflation iceberg.</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Those who claim that the #inflation threat is being overblown don't understand inflation or where it comes from. In reality, the inflation threat is being gravely understated, even by most who perceive it. What's been experienced thus far is just the tip of an inflation iceberg.</p>— Peter Schiff (@PeterSchiff) April 29, 2024
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 <p class="paragraph">At the same time, the prominent <a rel="noopener noreferrer nofollow" title="economist" href="https://thebittimes.com/tag/economist.html">economist</a> declared that a full-blow <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a>ary depression or ‘stagflation’ was coming that would shadow previous financial crises and make them look tame by comparison, calling it a recession “on steroids,” as Finbold reported on April 30.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Economist Peter Schiff Predicts A Financial Crisis That Will Make The Great Depression Look Tame pic.twitter.com/1h8FYvJCs5</p>— Alex Jones (@RealAlexJones) April 29, 2024
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 <p class="paragraph">Moreover, recent data indicates that auto loan serious delinquency rates have surged to 2.8% in the first quarter of 2024, the highest level in nearly 15 years, or since 2010 – in the aftermath of the financial crisis, as US households continue to miss loan payments, reminiscent of past recessions.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="680" height="374" src="https://cdn.thebittimes.com/images/2024/05/20/1675240a423538246e0a730d4f9ea5d0.webp" alt="US auto loan serious delinquency rate. Source: The Kobeissi Letter" class="wp-image-176999" srcset="https://cdn.thebittimes.com/images/2024/05/20/1675240a423538246e0a730d4f9ea5d0.webp 680w, https://cdn.thebittimes.com/images/2024/05/20/1675240a423538246e0a730d4f9ea5d0.webp 300w" sizes="(max-width: 680px) 100vw, 680px">
  <figcaption class="wp-element-caption"><em>US auto loan serious delinquency rate. Source: </em><em>The Kobeissi Letter</em>
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 </figure>
 <h2 class="wp-block-heading" id="h-inflation-concerns">Inflation concerns</h2>
 <p class="paragraph">Meanwhile, Paul Dietrich, a veteran Wall Street analyst who accurately predicted the 2008 recession, has long warned about a potential downturn, pointing at several red flags, including unexpectedly high inflation in the first quarter of 2024 and increased market volatility. As he said:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The economy and the stock market have never seen anything like this in history. (…) Everything reminds me of the Dot-com bubble in 2001-2002. (…) Since the current deficit spending is unsustainable, it will end at some point. When it does, the effect will be brutal for jobs, the economy, and the global stock markets.”</p>
 </blockquote>
 <p class="paragraph">Interestingly, Schiff, a well-known Bitcoin (BTC) skeptic, has earlier acknowledged that Bitcoin holders are “right about the Fed and inflation,” arguing that other investors were largely unaware of the current financial crisis and the “far greater currency and sovereign debt crisis it will ultimately become.”</p>
 <p class="paragraph">In the meantime, Bitcoin and tech stocks like Nvidia (NASDAQ: NVDA), Advanced Micro Devices (NASDAQ: AMD), Microsoft (NASDAQ: MSFT), Apple (NASDAQ: AAPL), and Alphabet (NASDAQ: GOOGL) are among the market participants that have beaten inflation in the last 10 years.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-economist-accuses-government-of-causing-inflation-tbt88919.html">https://thebittimes.com/us-economist-accuses-government-of-causing-inflation-tbt88919.html</a></p>

US economist accuses government of causing inflation

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