Peter Schiff

And so I would be short a lot of this stuff.

So my investment portfolio reflects what I expect the government to do, not what they should do.

But I never advocate, just because I'm going to profit from inflation, I'm not advocating that the government create inflation.

I think that's wrong.

And I think everybody would be better off.

It's not like the rich benefit from inflation.

I think the rich would benefit from a stronger economy where we had sound money.

I think the rich could get even richer.

If I borrowed $100 million to buy $200 million worth of assets, whether it's real estate or stocks, and now the government creates a lot of inflation.

the value of my debt goes down.

The real value of my assets hasn't really changed.

The government doubles the money supply, all else being equal, prices double, my real estate double, my stocks double, but my cost of living doubles.

So I'm not any wealthier.

But where I've made money is the value of my debt has been cut in half.

I used to owe 100 million, and now I effectively owe 50 million.

So the real way that inflation benefits the rich is it wipes out their debt.

Now, inflation also reduces the debt.

for people who have credit card debt.

But they don't have an asset on the other side of that.

They didn't borrow money to buy an asset.