What Kevin Walsh's Fed Chair Nomination Means for Your Wallet

Summary

Peter Schiff discusses the Federal Reserve's origins and criticizes the nomination of Kevin Walsh as the next Fed chair, suggesting he will continue the Fed's history of reckless monetary policy. Schiff traces the Fed's creation in 1913, arguing it was established for flawed reasons and has been abused to finance government debt, contrary to its original intent which prohibited holding government obligations. He highlights that the Fed's stated goal of price stability has devolved into accepting constant inflation, and its current practice of expanding the money supply, especially during economic downturns, is the opposite of its intended function. During Walsh's Senate testimony, Schiff notes that Walsh avoided direct criticism of Trump, refused to comment on controversial topics like the 2020 election results, and expressed admiration for the Fed, which Schiff sees as a sign of continued mismanagement. Schiff predicts Walsh's tenure will lead to more money printing, artificially low interest rates, a weaker dollar, and increased value for gold and silver, advising listeners to invest accordingly.