{"id":57314,"date":"2021-03-29T16:18:37","date_gmt":"2021-03-29T21:18:37","guid":{"rendered":"https:\/\/olduvai.ca\/?p=57314"},"modified":"2021-03-29T16:18:37","modified_gmt":"2021-03-29T21:18:37","slug":"peter-schiff-the-box-that-the-federal-reserve-is-in","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=57314","title":{"rendered":"Peter Schiff: The Box That the Federal Reserve Is In"},"content":{"rendered":"<h3><a href=\"https:\/\/schiffgold.com\/peters-podcast\/peter-schiff-the-box-the-federal-reserve-is-in\/\">Peter Schiff: The Box That the Federal Reserve Is In<\/a><\/h3>\n<div class=\"blog-big-photo\"><a class=\"prettyphoto\" title=\"Peter Schiff: The Box That the Federal Reserve Is In\" href=\"https:\/\/schiffgold.com\/wp-content\/uploads\/2021\/03\/box.jpg\" rel=\"prettyPhoto\"><img decoding=\"async\" class=\"blog-featured-big-photo lazyloaded\" src=\"https:\/\/schiffgold.com\/wp-content\/uploads\/2021\/03\/box-1024x576.jpg\" alt=\"\" width=\"100%\" data-src=\"https:\/\/schiffgold.com\/wp-content\/uploads\/2021\/03\/box-1024x576.jpg\" \/><\/a><\/div>\n<p>Jerome Powell and Janet Yellen testified jointly before the US Senate last week. Inflation was a big topic of conversation. The Fed chair continued to insist that the central can fight inflation if necessary, but that it really isn\u2019t a problem we need to worry about right now. In his podcast, Peter Schiff said the truth is inflation is a problem. And when it comes to dealing with that problem, the Fed is in a box. It will never pick a fight that it can\u2019t win.<span id=\"more-27051\"><\/span><\/p>\n<p>The Federal Reserve balance sheet has swelled to a new record of over $7.72 trillion. It was up another $26.1 billion on the week last week. Peter said he expects this number to continue increasing at an even faster rate in the near future.<\/p>\n<blockquote><p>I would not be surprised to see the balance sheet hit $10 trillion by the end of 2021 because we have a lot of deficit spending in the pipeline and there is no way to pay for it other than the Federal Reserve.\u201d<\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\" lazyloaded\" title=\"YouTube video player\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-src=\"https:\/\/www.youtube.com\/embed\/LpIuTbDbVLQ\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>One of the questions directed toward Powell was about the Federal Reserve\u2019s independence. Powell talked about how important it is. But Peter said the actions of the Fed chair show there\u2019s really no independence at all.<\/p>\n<blockquote><p>There\u2019s independence in form only, but not in substance. We pretend we have an independent Fed, but in reality, the Fed acts as if it\u2019s just a branch of the US Treasury Department. The fact that both the secretary of the Treasury and the Fed chairman are testifying together shows a degree of cooperation. They\u2019re working together and it seems that they are trying to coordinate their policies.\u201d<\/p><\/blockquote>\n<p>The reason the Fed is keeping interest rates so low and expanding its balance sheet is to accommodate the US government as it\u00a0<a href=\"https:\/\/schiffgold.com\/key-gold-news\/fiscal-2021-budget-deficit-already-over-1-trillion\/\">spends more and more money<\/a>.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<p>peter schiff, schiff gold, jerome powell, janet yellen, fed, us federal reserve, us treasury department, us senate, inflation, balance sheet<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff: The Box That the Federal Reserve Is In Jerome Powell and Janet Yellen testified jointly before the US Senate last week. Inflation was a big topic of conversation. The Fed chair continued to insist that the central can fight inflation if necessary, but that it really isn\u2019t a problem we need to worry [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[49,303,426,451,16888,963,21879,3650,1237,5453],"class_list":["post-57314","post","type-post","status-publish","format-standard","hentry","category-economics","tag-balance-sheet","tag-fed","tag-inflation","tag-janet-yellen","tag-jerome-powell","tag-peter-schiff","tag-schiff-gold","tag-us-federal-reserve","tag-us-senate","tag-us-treasury-department"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=57314"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57314\/revisions"}],"predecessor-version":[{"id":57315,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/57314\/revisions\/57315"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=57314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=57314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=57314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}