Peter Schiff has called it a “monetary Hail Mary,” but virtually nobody in the mainstream questions the wisdom of the Federal Reserve unprecedented response to the economic impacts of the coronavirus pandemic.
And it truly is unprecedented. It’s not just zero percent interest rates and QE infinity. The Fed is buying everything but the kitchen sink. It’s now even become a player in the corporate bond market.
Peter has explained why none of this is actually helping the economy – not in the long run. It’s not like the central bank is putting real products into the economy. It’s not creating wealth. It’s not adding resources. It’s not creating anything of value. It’s just inflating the money supply.