Joe Biden assured the American people that the record inflation surging throughout the U.S. economy due to unprecedented money-printing is only “temporary.”
In a prepared speech at the White House on Monday to push his administration’s staggering $4.1 trillion “infrastructure” spending package, Biden claimed rising prices across nearly all economic sectors is only “temporary.”
“Some folks have raised worries that this could be a sign of persistent inflation, but that’s not our view,” Biden said, adding that “no serious economist” would suggest inflation is here to stay.
“Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and are expected to be temporary.”
Biden also promised he wouldn’t interfere with the Federal Reserve’s money-printing.
“As I made clear to Chairman [Jerome] Powell of the Federal Reserve when we met recently, the Fed is independent. It should take whatever steps it deems necessary to support a strong and durable economic recovery,” Biden said.
Unbelievably, Biden even claimed that the massive spending from his “Build Back Better Plan” will actually fight inflation.
“If your primary concern right now is inflation, you should be even more enthusiastic about this plan,” Biden added. “We can’t afford not to make these investments.”
As economist Peter Schiff noted, Biden’s economic agenda wouldn’t be possible without the Fed’s endless money-printing.
“We have huge pieces of legislation on deck for the government to spend trillions and trillions of dollars that it has no intention of collecting in taxes and is completely relying on the Federal Reserve to print all the money, which means the inflation fire that [Federal Reserve Chairman] Powell claims is going to go out by itself because it’s all transitory is about to get much, much bigger because he’s throwing all this gasoline on it,” Schiff said on his Friday podcast The Peter Schiff Show.
“They forget it takes two to tango. Biden can’t spend the money that the Fed doesn’t print. If the Federal Reserve acted responsibly and refused to monetize all these deficits, then the deficits wouldn’t be there.”
And what the American people and markets will soon realize is that the inflation won’t be transitory, and that the Federal Reserve can’t fight it without tanking the economy.
“We’re going to have to collapse the bubble that was inflated not just now with Biden, but that Donald Trump helped inflate,” Schiff said. “And of course Barack Obama. But then George Bush before him. Nobody wants to hear the truth. Powell doesn’t want to speak the truth. And none of the congressmen or senators really wants to hear the truth. So, Powell keeps on lying and then you’ve got a bunch of people in Congress who pretend to believe him.”
As author G. Edward Griffin outlined in his renowned book, “The Creature from Jekyll Island,” the Federal Reserve system is neither federal, nor is it a reserve, but a consortium of private banks operating above government oversight to determine America’s monetary policy.
Watch Biden’s full remarks:
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