By Dana Sanchez
The huge amount of inflation that the Fed is creating by printing money will be like a tax and it will severely damage the working class, according to broker, investor and precious metals dealer, Peter Schiff.
“I think most people are going to get wiped out by the inflation tax,” Schiff said in an interview with Kitco News. “All of this government is not free. This incredible increase in the size of government is going to cost somebody. Somebody has to pay the bill for all the bailouts and all the stimulus, and if we’re not raising taxes, then how are we doing it?”
Schiff predicts that this “tax” is going to devalue fiat currencies. Investors should be holding onto physical gold and silver, he said.
Schiff is known for being bearish on the U.S. economy. He is chairman of SchiffGold, a precious metals dealer based in Manhattan. He also owns Euro Pacific Asset management and is Click here to read entire article