Peter Schiff: Economic "Rescue" Plan Like Throwing A Drowning Man An Anchor

Peter Schiff: Economic “Rescue” Plan Like Throwing A Drowning Man An Anchor

Via SchiffGold.com,

President-elect Joe Biden unveiled his massive stimulus plan last week touted as the “American Rescue Plan.” In his podcast, Peter Schiff said it was more like throwing a drowning man an anchor.

Before Biden announced his stimulus plan, Jerome Powell spoke and reassured everybody that the Fed will continue with its loose monetary policy. He emphasized that the central bank will hike interest rates “no time soon.” He also pushed back against some of the other Fed presidents, particularly Atlanta Federal Reserve President Raphael Bostic, who hinted the central bank might consider “pulling back” on asset purchases in the near future. Powell said, “Be careful not to exit too early,” adding “by the way, try not to talk about exit if you’re sending that signal because markets are listening.”

Powell seems to sincerely believe that the Fed can stimulate economic growth and create jobs by printing money. Peter said Powell lecturing about economics is “the blind leading the blind.”

He knows nothing about economics and he’s talking to people who know nothing about it. But what’s worse  — it’s not just he doesn’t know anything — it’s that he thinks he knows something. And what he thinks he knows is wrong. And that is the real danger. You know, you have all this power in the hands of somebody that has no idea what they’re doing. Power and ignorance is a dangerous combination, especially when you’re the chairman of the Federal Reserve. You have the power to print all this money and you think that if you exercise that power you’re doing good. But you’re actually doing harm.”

Powell talked about how much the government is helping during the pandemic. Peter said if the government really wants to help, it should get out of the way.

The government needs to lighten the burden that it places on the economy. … It should be cutting spending. Instead, it’s doing the opposite and it’s adding an inflationary problem to the health problem, so we’re in much worse shape.”

It’s difficult to overstate the level of spending. The US government set an all-time record high December budget deficit of $143.6 billion last month. In just the first quarter of fiscal 2021, the federal government spent $1.3 trillion. And the spending isn’t about to slow down. In fact, it will likely accelerate.

Last week, Joe Biden unveiled plans for a $1.9 trillion stimulus bill. It’s called the

First of all, this is not going to stimulate the economy. This is going to sedate the economy. So, it’s not a stimulus. It is a sedative.”

In a nutshell, Biden wants to “stimulate” the economy with a bunch of government spending paid for by more Federal Reserve money printing. Here are just a few highlights.

  • Direct payments of $1,400 to most Americans

  • Increasing the federal, per-week unemployment benefit to $400 and extending it through the end of September

  • $350 billion in state and local government aid

  • $170 billion for K-12 schools and institutions of higher education

  • $50 billion toward Covid-19 testing

  • $20 billion toward a national vaccine program in partnership with states, localities and tribes

Biden said the expanded and extended unemployment benefits would help people make ends meet while they look for a job. Peter said it will just let them put off their job search.

They don’t have to start looking for jobs because they got a better deal on unemployment than anything they can hope for in the employment market.”

Biden also included a proposal to increase the federal minimum wage to $15 an hour. Peter said that will make the unemployment benefits an even bigger deal.

The higher minimum wage is going to make it a lot harder for the low-skilled workers to get jobs. Because if they can’t convince an employer to pay them $15 an hour, they’re out of luck. They have no choice.”

Biden’s plan is effectively to incentivize people not to work by paying them more money to stay at home, and to make it more difficult for them if they actually do want to go back to work by making it harder for people with low skills to get a job because they’re not legally employable given their relatively low productivity.

So, Biden’s plan to revive employment is going to achieve the opposite result. It’s going to further incentivize people not to work and then make it a lot more difficult for the people who want to work to actually get a job.”

All of this stimulus spending will be almost entirely financed by the Federal Reserve. There may be some tax hikes on “the rich” down the road, but that won’t come anywhere close to closing the spending gap.

All this money – the $1.9 trillion – is going to be printed and spent into circulation. And that is the inflation that is driving commodity prices. It’s the anticipation of that inflation.”

This isn’t a rescue plan. It’s basically the equivalent of throwing a drowning man an anchor.

Tyler Durden
Mon, 01/18/2021 – 18:35

Source: Zero Hedge, Peter Schiff: Economic “Rescue” Plan Like Throwing A Drowning Man An Anchor

SpaceX set to launch first Starlink mission of 2021 – NASASpaceflight.com

  1. SpaceX set to launch first Starlink mission of 2021  NASASpaceflight.com
  2. SpaceX delays launch of 60 Starlink satellites due to bad weather – Business Insider  Business Insider
  3. SpaceX will launch its 1st Starlink satellites of 2021 on Tuesday. Here’s how to watch.  Space.com
  4. Starship SN9 makes speedy recovery ahead of Static Fire and potential launch  NASASpaceflight.com
  5. SpaceX Rocket Launch from Kennedy Space Center Slated for Monday, Jan. 18  SpaceCoastDaily.com
  6. View Full Coverage on Google News



Source: Google News, SpaceX set to launch first Starlink mission of 2021 – NASASpaceflight.com

Video of security for Biden's inauguration has haunting resemblance to North Korea

The massive presence of National Guard troops in preparation for President-elect Joe Biden’s inauguration has left many people feeling unsettled.

A video from Politico national security correspondent Natasha Bertrand showed dozens of troops walking in formation on the streets of Washington, D.C., on Sunday evening.

This unprecedented number of troops is intended to protect against threats following the Capitol incursion that occurred on Jan. 6 and resulted in the death of 5 people.

Currently, there are about 25,000 guardsmen who will be present for the inauguration from all 50 states, according to the National Guard website.

The visuals coming out of Washington look eerily similar to authoritarian regimes like North Korea, which are notorious for their military parades.

The National Guard deserves all the thanks in the world for their efforts, but one cannot help but wonder why their presence is so massive.

A possible answer is disturbing: The United States military is preparing for the absolute worst-case scenario for Wednesday.

As there are also concerns about an inside attack, the FBI is vetting all the troops currently in Washington, The Associated Press reported Sunday.

“If there’s any indication that any of our soldiers or airmen are expressing things that are extremist views, it’s either handed over to law enforcement or dealt with the chain of command immediately,” National Guard Bureau Chief Gen. Daniel R. Hokanson told the AP.

A fire at a homeless encampment was mistaken for a larger threat Monday morning, triggering another lockdown at the Capitol during the inauguration rehearsal.

Los Angeles-based journalist Elex Michaelson shared a video of guardsmen running shortly after the lockdown was announced.

“Here’s video of National Guard troops running a few moments ago after the Capitol was locked down due to a security threat,” Michaelson tweeted.

“It appears that the ‘threat’ was actually a fire several blocks. Thankfully, there is no ongoing threat.”

The historic situation makes it clear that polarization and domestic terrorism pose a significant physical threat to a peaceful transition of power, and that the political climate needs to cool down.

This article appeared originally on The Western Journal.

The post Video of security for Biden’s inauguration has haunting resemblance to North Korea appeared first on WND.



Source: WND Politics, Video of security for Biden’s inauguration has haunting resemblance to North Korea

A Severely Compromised Senator Mark Warner is About To Become Chairman of The Senate Intelligence Committee

Senator Mark Warner (D-VA) is about to become the Chairman of the Senate Select Committee on Intelligence (SSCI), and regardless of his current disposition the deepest part of the deep state will have full blackmail control over every aspect of … Continue reading

The post A Severely Compromised Senator Mark Warner is About To Become Chairman of The Senate Intelligence Committee appeared first on The Last Refuge.



Source: The Conservative Treehouse, A Severely Compromised Senator Mark Warner is About To Become Chairman of The Senate Intelligence Committee

Retired New York City firefighter charged in connection with US Capitol riot – CNN

  1. Retired New York City firefighter charged in connection with US Capitol riot  CNN
  2. Investigators Eye Right-Wing Militias at Capitol Riot  The New York Times
  3. Capitol rioter threatened to shoot his children if they told FBI about DC trip, authorities say  Fox News
  4. Capitol rioter threatened to shoot kids if they told FBI about DC trip  New York Post
  5. Colorado man with ties to militia movement charged in U.S. Capitol riot for allegedly assaulting police officer  The Denver Post
  6. View Full Coverage on Google News



Source: Google News, Retired New York City firefighter charged in connection with US Capitol riot – CNN

Washington state taps Starbucks for help on Covid vaccine rollout – NBC News

  1. Washington state taps Starbucks for help on Covid vaccine rollout  NBC News
  2. Inslee sets goal of 45,000 COVID-19 vaccinations a day in Washington state and makes everyone 65 and older eligible now  Seattle Times
  3. Washington starts COVID-19 vaccine Phase 1B with lower age threshold and adds more mass vaccine sites  KING5.com
  4. Gov. Inslee announces goal to vaccinate 45K people a day in Washington  KPTV.com
  5. Inslee: State to speed up COVID vaccines, expand eligibility to age 65 and up  KOMO News
  6. View Full Coverage on Google News



Source: Google News, Washington state taps Starbucks for help on Covid vaccine rollout – NBC News

“I want Honest Elections!” Jovan Hutton Pulitzer Releases New Video on 2020 Election

“I want Honest Elections!” Jovan Hutton Pulitzer Releases New Video on 2020 Election

Inventer and data specialist Jovan Hutton Pulitzer says he knows people are getting worried about what’s going on with this crazy upside-down situation. But Jovan insists, “It is not over over by a long shot.”

Jovan Pulitzer is an outspoken supporter of President Donald Trump. He insisted for weeks that the only way to confirm the 2020 election is to forensically audit the ballots.

Jovan Pulitzer sent a message last night telling people to hold tight:

It is a nail biter… It is history going on. It is bad history going on… But it isn’t over. It is not over by a long shot and I want to tell you because I agree with everybody. Everybody wants an honest election.”

Pulitzer went on to share about the late night election drops and the fact that nothing was fixed the next day. He says if the fraud would have been fixed at that time nothing would have changed:

Now here’s what I mean. The human condition does not learn when things are good. I’ve said this before if you’ve followed me for years. I’ve explained this, we do learn when things are good. And so if this was something that could be resolved fast, just boom, and resolved fast, nothing would have changed…

We now see the cheating but this would have gone on for years if it had not been so blatant and obvious. We had to see the whole process to learn. That is what is important here. All of this pain all of it, will help us learn. Pulitzer goes on:

This is the great awakening!… You are watching the plan… If we did not go through this, you, me all these tens of millions of other people would not have appreciated what was going on, how deep it went, how many different things were involved. 65 countries, 65 countries participated in the hack of our election process. All the way from potentially changing votes to just trying to disrupt. 65 countries. They focused on seven states and over 600 county election places.

If this process didn’t happen the way it happened we wouldn’t know all that because nobody would dig as hard as this diggings going on. This is what we had to do.

There is so much more. Ultimately it comes down to verifying the vote. These are your ballots and we have 22 months to look at them.

https://www.thegatewaypundit.com/2021/01/want-honest-elections-jovan-hutton-pulitzer-releases-new-video-2020-election/

Source: 8kun Notables, “I want Honest Elections!” Jovan Hutton Pulitzer Releases New Video on 2020 Election

FBI investigating whether Capitol assault suspect tried to sell Pelosi computer to Russian intelligence service – ABC News

  1. FBI investigating whether Capitol assault suspect tried to sell Pelosi computer to Russian intelligence service  ABC News
  2. Capitol rioter accused of stealing Nancy Pelosi’s laptop with plans to sell it to Russian intelligence: Feds  Fox News
  3. FBI investigating whether woman stole laptop from Pelosi’s office to sell it to Russia  POLITICO
  4. Capitol riot suspect plotted to sell stolen Pelosi laptop to Russian intelligence, authorities say  NBC News
  5. FBI investigates tip that a woman possibly stole a laptop from Pelosi’s office to potentially sell it to Russia  CNN
  6. View Full Coverage on Google News



Source: Google News, FBI investigating whether Capitol assault suspect tried to sell Pelosi computer to Russian intelligence service – ABC News