Reserve

Bitcoin

<p>American economist Peter Schiff has accused the US government and the Federal Reserve of causing the current inflation, challenging the prevailing belief that rising salaries are to blame. Schiff argues about inflation. He voiced his concerns in an X post on May 20, reiterating his long-standing warnings about inflation.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" 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) <a href="https://twitter.com/PeterSchiff/status/1792329609398329700?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 19, 2024</a>
  </blockquote>
 </div>
</figure>
<p>Schiff claims that the threat of inflation has been “gravely understated” by those attempting to downplay it, describing the current situation as “just the tip of an inflation iceberg.” He predicts an upcoming inflationary depression, or “stagflation,” which he says will surpass previous financial crises, calling it a “recession on steroids.”</p>
<p>Meanwhile, Paul Dietrich, a veteran Wall Street analyst known for predicting the 2008 recession, has also warned of a possible economic downturn. Dietrich highlights several red flags, including unexpectedly high inflation in the first quarter of 2024 and increased market volatility.</p>
<p>Interestingly, Schiff, a noted <a href="https://www.cryptotimes.io/2024/05/02/peter-schiff-urges-sell-btc-as-value-falls-below-25-oz-gold/" rel="noopener noreferrer nofollow">Bitcoin skeptic</a>, has acknowledged that Bitcoin holders are correct about the Fed and inflation. He argues that many investors are unaware of the current financial crisis and the “far greater currency and sovereign debt crisis it will ultimately become.</p>
<p>These perspectives from Schiff and Dietrich underscore growing concerns about the US economy’s future amidst persistent inflation and potential market instability.</p>
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 <p><strong>Also read:</strong> <a href="https://www.cryptotimes.io/2024/05/19/venezuela-halt-crypto-mining-to-ensure-reliable-power-supply/" rel="noopener noreferrer nofollow">Venezuela Halts Crypto Mining to Ensure Reliable Power Supply</a></p>
</blockquote>
<h3 class="wp-block-heading" id="strong-br-strong"><strong><br></strong></h3>

Peter Schiff Blames US Gov and Fed for Inflation

Table of Contents

The Crypto Times

Other articles published on May 20, 2024

Unstoppable Momentum: Bitgert Coin's Price Set to Soar +400% This Week!

COPA Vs. Wright: Final Ruling Ends Fake Bitcoin Inventor Saga With A Bang

Another Chinese money laundering scheme tied to Deltec and Tether

Ethereum Price Eyes ATH: Technicals Flash Green, SEC ETF Verdict Looms

Is Decentralization Importance Overrated? Industry Leaders Debate

20 startups selected for Africa Fintech Accelerator Program

Join our free newsletter for daily crypto updates!