Peter Schiff: We're nowhere near peak inflation
Schiff explains inflation will get much worse
The Fed needs to raise rates 'a lot more': Peter Schiff
Peter Schiff explains how the Federal Reserve should respond to record-high inflation on 'The Claman Countdown.'
Euro Pacific Capital chief economist and strategist Peter Schiff explained how the Federal Reserve should respond to inflation Wednesday on "The Claman Countdown."
PETER SCHIFF: They have to raise rates a lot more than they've raised them and a lot more than they're contemplating. The rates hikes that they're talking about are too little, too late to do anything about inflation, but more particular, the government needs to dramatically reduce government spending.
YELLEN CALLS ELEVATED INFLATION 'UNACCEPTABLE,' BUT OFFERS FEW SOLUTIONS TO COOL PRICES
We need to see big cuts in middle-class entitlements, or we need major tax increases not on the rich, because that will reduce investment. We don't want to do that. We need more supply. We need less demand. So, they have to increase taxes on the middle class, either raise the payroll tax or maybe introduce a national value added tax or a sales tax. I would prefer spending cuts, but if they don't do one of those two things, inflation is not going to go away.
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Inflation is going to get much worse. We're nowhere near peak inflation. This inflation is just getting started. I mean, we've had it for a long time in financial assets, but now it's finally moved into consumer goods and it's got a long way to go.
WATCH THE FULL INTERVIEW BELOW:
Does the Federal Reserve need to raise rates to tamp down inflation?
Andrew Brenner and Peter Schiff provide insight on the Federal Reserve and inflation on 'The Claman Countdown.'
