US Treasury & the Fed like partners in crime ripping off the American public – Peter Schiff

in #economy4 years ago

As the fiscal 2020 budget deficit of the United States surged past $3 trillion, more than double the previous record deficit, Treasury Secretary Steven Mnuchin called for more federal spending.

According to CEO of Euro Pacific Capital Peter Schiff, the US debt crisis is looming and it’s ironic that the country even has a secretary of the treasury.

“The treasury is empty,” said Schiff in his podcast, adding: “It really should be the secretary of the debt because that’s all we have. We have a gigantic pile of debt. And really what the job of the secretary of the debt is, is to make the debt bigger and to make sure that the people lending us the money don’t stop. So, it’s really a giant con-job where you have to go out there and enable debt.”

He pointed out that in the past, the strategy was to convince the world to buy US debt. “Now they’ve even abandoned that and pretty much left it to the Federal Reserve to backstop the borrowing. The Fed works hand-in-glove with the US Treasury to enable borrowing and spending.”

The economist explained that the whole idea behind an independent Federal Reserve is that it would not work hand-in-glove with the US Treasury.

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The US is 48.8 years into it's fiat experiment.

Bitcoin is 11.8 years into its life.

I think the latter is looking like the better athlete.

Pro Tip: Buy Bitcoin

Peter has been raving about this for years, eventually, he will be right, I don't mind his views I think he has a lot of it right, but all of it falls to hell when he shills his companies and gold, like there's way too much bias on his part.