- Schiff stated that there is a policy gap between the acceleration of prices and new money production.
- Musk blamed government spending—which he believes is financed by money creation.
Bitcoin naysayer Peter Schiff recently voiced his disapproval of the US’s present high inflation rates. Saying that policies put in place before Biden was president are to blame.
Since the consequences of Biden’s actions will not be realized for at least a few more months. Schiff pointed out that there is a policy gap between the acceleration of prices and the production of new money. Which implies that things are only going to get worse.
Renowned economist and Bitcoin skeptic Schiff said that the money generated to pay deficits under Trump is partly to blame for today’s inflation.
Inflationary Worries
He made reference to Larry Kudlow, who had previously served as Trump’s director of the national economic council. And said that Biden was the only one responsible for inflation. As an example of how selective critiques may damage credibility, Schiff pointed out that Kudlow failed to raise any inflationary worries. While working for the Trump administration.
Peter Schiff argues that the present administration’s economic measures are only one part of a longer chain reaction that has led to inflationary pressures.
In spite of Peter Schiff’s stance, Elon Musk, CEO of Tesla, has also weighed in on the US inflation discussion. A recent post by Musk blamed government spending—which he believes is financed by money creation and so depreciates the currency—for driving up costs.
Concerned citizens rallied around Musk’s proposal that the federal government reduce its “wasteful government spending” in an effort to curb inflation. Amidst Peter Schiff’s worries about inflation, the price of Bitcoin has seen high volatility. After a period of instability, Bitcoin has surpassed the $59,000 mark. The background to this price shift was the US Federal Reserve’s possible rate lowering in response to positive economic signs.
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