Saturday, October 16, 2010

Peter Schiff : The new mission of the FED is creating more Inflation

Peter Schiff : "Its Scary How Clueless Bernanke Is"

Bernanke said that "Inflation is running at rates that too low ..." Peter Schiff does not agree ...Peter Schiff : "It's scary how clueless Bernanke is, first of all to say that inflation rate is too low...I mean look at what's going on now...look at what's happening with the commodity prices across the board ...every commodity is rallying , look at the corn prices that are probably up 60% in the last three months that's 20% above , look at the record high in the price of gold thirty or high in the price of silver ...look at what's happening at the value of our money , the dollar is at a record low against the Swiss franc a record low against the Singapore dollar , a record low against the Australian dollar , near record low against the Japanese Yen , it is falling against , it is falling against every currency . it's been at lowest against the Chinese Renminbi I think in fiften twenty years...what is that mean ? if our money is losing value that is money loses value prices are going to rise cause you need more diminished dollars to buy goods and services ... may be the Government indexes are not showing double digit Inflation...." Schiff says,.." the CPI is a very manipulated index ....a lot of destortions....etc...

"What Ben Bernanke is saying to Congress is ‘run up the deficits because I'm going to monetize it for you,'" Schiff says. "He is enabling the government to get bigger, which is going to make employment worse, not better. He's throwing gasoline on a fire."

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