Peter Schiff

Right.

But people don't look at asset prices rising and they don't think that's a bad thing because people think that they're getting richer because prices are going up.

But it's really distorting the economy.

You don't want prices to go up because we print a lot of money.

You want stock prices to go up

because the companies are inherently more valuable, because they're generating more earnings, and their stock price is higher because they're worth more, because they're earning more.

You don't want just the price to go up because there's so much cash that's bidding it up.

But that's really what's been happening.

And that's why when you look at prices from the terms of gold, you can see that real prices are falling.

But I wanted to get to why we had this big spike in inflation under Biden.

So

When we got COVID in 2020, the government basically implemented the most inflationary combination of monetary and fiscal policy I'd ever seen.

And I called it out on my podcast at the time when everybody was swearing, oh, deflation.

And I was like, look, this is massive inflation that's coming.

So when COVID hit, we shut down the economy.

We told people, don't go to work, stay at home, don't produce anything.

But then we said, but don't stop shopping.

So everyone's going to get a bunch of money.

We had the paycheck protection.

We had these enhanced unemployment benefits.