Noted economist and gold bull Peter Schiff took potshots at President Joe Biden and Fed President Jerome Powell in the wake of the developments surrounding the tainted Silicon Valley Bank owned by SVB Financial Group SVB.
What Happened: Biden has said the government “bank bailout” won’t cost taxpayers any money and it’s a lie, Schiff said.
“While it’s true that no one’s taxes will be raised to pay for it, the #Fed will print lots of money to cover the cost. That’s #inflation and everyone will pay higher prices as a result,” he said.
Turning the heat on Powell, Schiff said the Fed knows the economy is so fragile that the failure of SVB would cause a financial crisis. “So it abandoned its #inflation fight and backstopped the banks instead,” he said.
“That proves #Powell was lying about both the strength of the U.S. economy and his resolve to fight inflation.
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Image and article originally from www.benzinga.com. Read the original article here.