Via SchiffGold.com,

Most people seem to think that tighter monetary policy will bring on a recession, but they believe that it will solve the inflation problem. In his podcast, Peter Schiff explained why they've got it half right. We are heading toward a recession, but it's not going to solve the inflation problem. In reality, we're heading for stagflation.

Inflation is a problem globally, but the only major central bank talking about fighting inflation is the Fed. The European Central Bank and the Bank of Japan continue to hold interest rates down and run quantitative easing, despite rising prices in both economies. And as Peter said, all the Fed is doing is talking. It won't actually fight inflation.

Their inconsequential, tiny rate hikes are going to do anything. In fact, the only reason they're raising rates at all is to pretend they can keep on doing it. But at some point, they will reverse course because the bond market has that right. These higher rates are going to cause a recession, and it's not going to take that many hikes to push the economy into recession given how addicted the economy is and how overleveraged the economy is. So, once the impact on the economy and on the financial markets is felt, then the Fed is going to give up all the tough talk and inflation is going to continue to get worse."