I mean, people are looking in the rearview mirror when they look at these last couple of quarters of GDP growth. Most of the data that comes out about the U.S. economy has been negative, and it’s been very negative for months. And so, I think you’re gonna see a very rapid deceleration now that the Fed is no longer providing all the monetary support and people are starting to brace themselves for higher interest rates. So this whole bubble economy that the Fed inflates starts to implode without the air, and the big drag, of course, is it’s all debt, right? We’re all depending on American consumers to spend, but consumers are broke. They’ve borrowed too much money. The government’s borrowed too much money, and the only way to solve these problems is to allow the debt to be discharged. And people have to stop spending. They have to start saving. Government has to cut spending. The Fed has to let interest rates go up, but none of this is happening. All we’re doing is trying to delay the pain by exacerbating the disease that’s causing the pain.
- Peter Schiff via Wall Street Daily