Former presidential adviser Dick Morris predicted hyperinflation later in 2021, explaining on Newsmax TV prices will explode due to previous federal stimulus packages, pent up demand created by restrictions placed on consumers and producers and the Biden administration’s proposed additional $1.9 trillion spending.
“I see is great inflation coming,” said Morris, 74, adviser to both former presidents Bill Clinton and Donald Trump. “I think it’s clear that (President Joe) Biden has no sense of reducing the deficit, no compunction about massive printing of money and the recent surge on the stock market shows, of precious metals, that people are very leery of paper currency.”
Silver has climbed 7% in the past 30 days and about 17% since late November, according to silverprice.org. It’s a recipe for a “crash and burn” economy, Morris said, suggesting the Trump administration’s first and second stimulus packages were well aimed and enabled the United States to fare better with regards to gross domestic product and unemployment.
“The central reality of ’21 is going to be major, major inflation, hyperinflation,” Morris said on "American Agenda."
He compared the pending economic conditions to the period following the First and Second World Wars when rationing on many goods ended, and said the Biden proposed stimulus will worsen the situation.
“At the end of the war, suddenly people returned home, rationing was off, and everybody ran out to buy stuff, and there was huge inflation,” Morris said on “American Agenda.” “When lockdown ends it will be the same thing. Everybody will come out at once and spend money, which is going to cause huge inflation.
“It’s like the stimulus package filled up every car with gas, but they went into the parking garage because there was no place to go. They were locked down. Now they’ll all come out of the garage at once with full tanks of gas, and there will be gigantic traffic jams.”
Important: See Newsmax TV now carried in 70 million cable homes, on DirecTV Ch. 349, Dish Network Ch. 216, Xfinity Ch. 1115, Spectrum, U-verse Ch. 1220, FiOS Ch. 615, Optimum Ch. 102, Cox cable, Suddenlink Ch. 102, Mediacom Ch. 277, or Find More Cable Systems – Click Here.
© 2024 Newsmax. All rights reserved.