Peter Schiff appeared on Yahoo! Finance’s Breakout today to talk about the phony CPI inflation numbers when compared to the rise in price of a Big Mac. Since 2002, the price of a Big Mac has gone up over 6% a year, while the government claims inflation is about 2.5% a year. How are you protecting the purchasing power of your wealth?
“The government is creating inflation… It’s buying $85 billion worth of mortgages and government bonds every month. That’s the inflation. You can see it manifest itself in stock prices, in real estate prices, in bond prices. It’s all over the place, but the government can’t acknowledge that it exists, because it can’t do anything about it.”
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These inflation figures aren’t a true reflection of what an average American faces every single day.