Peter Schiff

But they overlook the time value.

There is value there.

in owning something today.

So even if I know, oh, if I buy a car today, it's X amount of money.

If I wait a year, it'll be 1% or 2% cheaper, right?

Well, okay, but I need the car right now.

I can't wait a year.

My other car is broken down.

Even though I know it will be cheaper in the future, I'm still going to buy one because I need it now.

And that 2% is more valuable.

They're trying to justify inflation or they'll say businesses can't make a profit unless the prices are going up.

And that's not true.

In fact, cell phone companies make a lot more money today selling cell phones for cheap than they did 30 years ago when they were a lot more expensive because they have more volume.

And so what matters to business is not the price, but the margin.

And as long as margins are being maintained, even if prices are falling, I'll make more money because I'll sell more goods.

And so all these stories that the economists tell to try to justify

Deliberately creating inflation.

It's all wrong.

We don't need inflation.

The government has brainwashed people into believing that inflation is a good thing.