Forbes notes that CPI is going up (slightly) more than expected. The article quotes Peter Schiff saying essentially “You ain’t seen nothin’ yet”:
Some analysts would have you believe that the slight uptick in recent months of the CPI means that America has avoided the dreaded threat of deflation, but Peter Schiff of Euro Pacific Capital — who has been bearish on U.S. economic prospects for years — said he believes the increase is a sign that something worse is yet to come.
Schiff points back to the time of the Great Depression and asked, “How much worse would it have been if prices had been rising?” We may just find out, as the U.S. crawls deeper into one of the worst recessions in more than half a century.
[Thanks to Schiff for Senate (not endorsed by Schiff)]9:56 am on March 19, 2009 Email Stephen W. Carson