The continued massive printing of money is going to lead to an economic crisis that Washington insiders are dangerously ignoring, according to publisher and former presidential candidate Steve Forbes on Newsmax TV.
"The real danger is printing money," Forbes told "Saturday Agenda." "That's going to lead to inflation. I'm surprised the markets haven't woken up to that, but that's going to mean higher interest rates, huge economic dislocations.
"I would say, as they say in the airlines 'tighten your seatbelt' and then some. This is bad stuff, this massive printing of money, because [President Joe] Biden wants not just this [$1.9 trillion] bill, he wants a bill after that. They just don't know when to stop.
"Resources come from people creating real resources, not the government printing press."
Forbes did support stimulus checks going to Americans, but added to host Joe Pinion, the unemployment boost "distorts the labor market" as a disincentive for Americans to get back to work.
"The economy was reviving, is reviving, and I've said, 'if Joe Biden took 6 months off and his administration went on a sabbatical for 6 months, this economy would be booming and they would look like geniuses,'" Forbes said, adding there will be a "rude awakening" for those believing printing money is the way to avoid an economic crash; it is precisely the precursor to one.
"This is really going to do damage to the economy," Forbes said, adding it will bring Jimmy Carter administration economic stagnation, higher prices and interest rates, and higher unemployment.
"They don't realize what's coming. They think they can semi-socialize this economy, and they really believe we're in an era where you an print money with no consequences.
"The Fed is going to have a crisis on its hands," Forbes concluded. "They think a little bit inflation is good; they're going to have a firestorm on their hands before the end of the year."
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