Peter Schiff sees inflation manipulation, and he believes the reported core inflation rate of 4.93% is fiction. The core inflation rate chart shows inflation gradually climbing since January 21 from its low of 1.258% in February to an all-time high of almost 5% in November.
But other conspiracy-minded economists, which is anyone not agreeing with the mainstream inflation narrative, believe inflation could be around 15%.
“Peter Schiff sees inflation manipulation, and he believes the reported core inflation rate of 4.93% is fiction”
WEALTH TRAINING COMPANY
Peter Schiff sees inflation manipulation, and his conspiracy thinking is based on data being massaged to create an illusion of benign inflation
Peter Schiff notes that while the core inflation rates are bad the reality could be even worse.
Peter Schiff explains how through the optics of government statistics a type of peter pan image of being inflation is spun.
“We know what is going on with Owners’ Equivalent Rent (OER) and the rent data the government uses where actual rents are rising four times faster than OER,” said Peter Schiff.
Owners’ equivalent rent (OER) is the amount of rent that would have to be paid to substitute a currently owned house as a rental property.
OER is a major component of CPI — making up 32.8% of total CPI. So if OER data can not provide an accurate picture of accommodation costs and it accounts for almost one-third of CPI data then inflation data is going to give us a fake picture.
“We know what is going on with Owners’ Equivalent Rent (OER) and the rent data the government uses where actual rents are rising four times faster than OER”
“Home prices do not even make it into the CPI at all and they are way up, so people who want to buy houses are seeing bigger increases than those that want to rent them,” said Peter Schiff.
Peter Schiff noted that data is massaged, that the number crunchers omit and count what they want to create a needed picture.
“The whole system is rigged to give a much lower number. Despite the rigging, we are still almost at seven percent if you annualize the first ten months,” said Peter Schiff. Peter Schiff reiterated that despite the official narrative being core inflation at almost seven percent, he thinks inflation is higher.
“While some prices might be down a little bit but you’re spending so much money on things you need, you do not have much money left over for some of the things you want” – Peter Schiff
Peter Schiff sees inflation manipulation, but who benefits from underreporting inflation?
The US National Debt is approaching 30 trillion US dollars. Social security spending represents the second-largest budget spending at a little over 1.1 trillion US dollars, according to the US debt clock. The fourth-largest budget spending is on interest payments on the 30 trillion public deficit, which amounts to 421 billion US dollars. In short, every person with a heartbeat has a debt on their head valued at 89,085 US dollars. Standby for a question that could lead to a truth bomb. Do you think the secret shareholders of the banking cartel have a death wish on a population that adds more to the debt and pays little or no taxes, which gets recycled as interest payments?
So a high inflation figure will not be reported, since it would raise welfare payments, which are already over 1.1 trillion dollars debt which is unlikely to be paid.
The US is the world’s-leading economy, and US dollar privileges mean it can create dollars to service the debt. But outside the US, there are 11.4 trillion dollar-denominated debts, of which 3.7 trillion dollars come from emerging markets, according to BIS.
So if the Federal Reserve, the world central bank by default, raised rates to fight real inflation the dollar would appreciate on the foreign exchange, and 11.4 trillion dollars of loans would be in jeopardy of default. Foreign governments can not create US dollars to service a US dollar loan.
Peter Schiff sees inflation manipulation, and it is likely to continue
“If you measure the cost of living in terms of what goods are needed, then I think that bathan is going up faster than some of the goods that people may not buy at all,” he said.
For example, laptop computers are bought on average by people every few years, some people wait longer than that.
Peter Schiff noted that people buy groceries every week and pay their electric bill. So there are many things they need and have no choice but to pay the higher prices.
“While some prices might be down a little bit but you’re spending so much money on things you need, you do not have much money left over for some of the things you want,” he said.
“central banks stepped on the gas and flooded the world with money”
– Peter Schiff
Peter Schiff sees inflation manipulation continue as inflation becomes a theme
“Inflation was the real 2021 story,” said Peter Schiff.
“Turn the clock back to 2020 and nobody, worried about inflation except me and a few other people, lone voices crying in the wilderness,” he said.
“Some people were worried about a lack of inflation, that there was not enough inflation, and they were doing everything they could to create more inflation especially in the aftermath of covid,” he added. Everyone was talking about how this was deflationary, that the Fed and other central banks had to intervene. Alternatively, we would have a recession collapse in demand,” he said.
“So central banks stepped on the gas and flooded the world with money,” said Peter Schiff.
Peter Schiff noted that people had more money to spend during the pandemic than before, so we had an increase in demand at the same time as a decrease in the supply. “You don’t need to have a PHD in economics to understand what that is going to do to prices. All you need is common sense to figure out if demand goes up and supply goes down prices go way up,” he said.
“We want demand to go down in a pandemic if people consume less and produce less then, we have a recession,” he added.
But we disagree as we were already seeing signs of a global recession coming before the pandemic. So locking down the global economy without financial assistance would have led to homelessness, famine, rioting, and social unrest. It would have jeopardized the existing order with current ruling elites at the top of the human food chain.
We believe we are witnessing a controlled demolition of the existing system and a reset to a sustainable economic, environmental and political system with slimmed-down populations.
“We’re seeing right now the highest death rates we’ve ever seen in the history of this business,” said Scott Davison, the CEO of OneAmerica, a $100 billion life insurance and retirement company.
Meanwhile, in the UK Public sector leaders have been asked to prepare for “worst case scenarios.” of 10%, 20% and 25% absence rates.