Peter Schiff: Biden Should Resign to Solve Inflation Crisis, Here’s the New Obstacle for Feds

Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital, said on NewsMax’s Wake Up America that the news that OPEC is cutting supplies of crude oil is a “very big deal” at a time when the Federal Reserve is attempting to combat inflation.

“Not only is the supply of oil going to come down, but the supply of money – US dollars – used to buy oil is going up. The Fed has already gone back to quantitative easing to bail out the banks. So, we’re printing more money, but we’re not producing as much oil.”

He said that the world is starting to divest itself from US dollars and that will put more downward pressure on the value of the dollar, which will then put more upward pressure on the price of oil. Peter stressed that the world’s use of the dollar as the unit of exchange is a significant privilege for the US and added that their standard of living will collapse if we lose that privilege.

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The US economy’s condition and the US dollar’s ongoing depreciation have been repeatedly warned about by the Economist. He said in a recent tweet that the US economy is “heading for the greatest economic disaster in its history”, and that the upcoming financial crisis would be far worse than the previous one.

What would Peter tell Joe Biden to do if he had 30 seconds with the president?

Peter said, “Well, he needs to resign. But he also needs to take Kamala Harris with him. But what we need is free market capitalism. We don’t need more government solutions to government-created problems. Government has to get out of the way so free market capitalism can clean up the mess government created.”