“The current inflation began with Trump’s administrative spending” – Peter Schiff

Economist and Bitcoin critic Peter Schiff has raised concerns about high inflation rates in the United States. Schiff believes that today's inflation problems are not only due to President Biden's policies, but are also related to spending decisions during former President Trump's administration.

In a tweet on X, Schiff argues that much of the inflation we are seeing now is due to money printed during Trump's presidency to cover budget deficits.

He also criticized Larry Kudlow, a former economic adviser under Trump, for blaming Biden's policies for inflation while ignoring the impact of the previous administration's actions.

“The problem with @larry_kudlow correctly blaming inflation on Fed monetized deficit spending is that he puts all the blame on Biden and none on Trump,” Schiff said.

In his view, current inflation is the result of a mix of policies implemented by different governments, not just the most recent ones.

Elon Musk has also joined the inflation debate, saying that government spending, which he believes is financed by printing more money, is driving up prices.

He also suggests that cutting government spending could help reduce inflation. Musk's views have sparked debate among experts, some of whom agree that investing in assets like Bitcoin and gold could help protect against inflation.

Meanwhile, Bitcoin price has been fluctuating and recently traded above $59,000. This change comes as the Federal Reserve considers a possible cut in interest rates.

In a recent report, Raphael Bostic, President of the Federal Reserve Bank of Atlanta, also mentioned that a rate cut could soon occur due to recent economic improvements.

Read also: Fed could cut interest rates soon, says Boston Fed President