Veteran stockbroker Peter Schiff has shared his view on Elon Musk’s call to break up monopolies, particularly e-commerce giant Amazon. According to Schiff, it’s time to end the US Federal Reserve’s monopoly on money printing.
In a follow-up tweet to the Tesla boss’ “Time to break up Amazon. Monopolies are wrong!” post, Schiff has slammed the US central bank.
Time to end the Fed’s monopoly on money printing and price fixing interest rates. If we had a real economy, based on savings and production, instead of a bubble based on credit conjured into existence, Amazon wouldn’t be nearly as large, as it would have to generate real profits.
“Time to end the Fed’s monopoly on money printing and price fixing interest rates,” he wrote, adding: “If we had a real economy, based on savings and production, instead of a bubble based on credit conjured into existence, Amazon wouldn’t be nearly as large, as it would have to generate real profits.”
Schiff, who has repeatedly warned the US economy is a “gigantic bubble,” later retweeted his own earlier tweet, stating that the national debt had already passed $24 trillion.
Musk’s criticism of Amazon followed a complaint by writer Alex Berenson, who claimed the world’s largest online retailer “censored” his book about the Covid-19 pandemic by refusing to publish it.
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