Peter Schiff

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.

They borrowed money to buy food.

They take a vacation.

So all of that stuff is gone.

So they don't benefit because they don't have the asset that's going up.

They just have the debt.

And even if the debt burden is going down, they're still burdened by all that debt.

Meanwhile, their wages are losing value.

Or if they have savings, that savings is losing value.

Um, wealthier people tend not to have wages.

You know, maybe they run a business and they just can raise their prices.

Um, and so the way a lot of wealthier people earn their money, uh, they have an easier time, you know, recouping the, the increase in the cost of living.

But a lot of workers, uh, you know, a lot of times wages don't keep up with other prices.

And so even though your prices are going up, your income is not going up proportionate.

Maybe prices went up 100%, but your income went up 70%, right?