Peter Schiff: Jim Rickards Is Wrong About Inflation And Cathie Wood "Believes Her Own Bullshit*

12-23-2021 • https://www.zerohedge.com, by QTR's Fringe Fin

He is CEO and chief global strategist of Euro Pacific Capital Inc.

I'm glad I got to talk to Peter because I wanted to get his take on a couple of things. First, I wanted to get his take on this week's interview with Jim Rickards, where Rickards asserts that inflation has hit its peak, that the price of gold may stagnate next year and that the dollar has to get weaker in order for gold to rise.

Schiff told me:

"I think he's probably wrong. I don't think he has as good an understanding of inflation as he thinks. Is there a chance 2022 inflation can clock in below the 7.2% we're likely to get for 2021? I mean, it's possible. It's not going to be anywhere near 2%, but could it be lower? It could, but I think there's as good a chance that it'll be higher - and 2023 will probably be higher than 2022. I think we're in the early stages of a rather substantial inflationary period."

He continued:

"Inflation is the increase in the money supply, which Rickards acknowledges, but he just for some reason doesn't think the money is out there. That money is out there and it's making its way into the real economy. Look at our trade deficits. This is all money that's being printed and being spent."

In addition, Peter talked about fund manager Cathie Wood at ARK Invest, who I wrote about yesterday for secretly changing the language in one of her investor letters where she predicts her future returns. Schiff said about Cathie Wood:

"I don't think she's like, lying. I think she actually believes her own bullshit. That's the problem. She's been put up on this pedestal and everybody thinks she's so smart because she did something really dumb and it paid off. She just bought the most overvalued crap, and in doing that, the price went up. And now she thinks she's so smart and she has believed her own press clippings. She's completely irrational. The lawyers need to realize that their lawsuits are going to come. Investors are going to say 'I put my money into this fund' because she basically guaranteed me I was going to make 30-40% a year..."