Steve Forbes, chairman and editor-in-chief of Forbes magazine, released a video warning that the Biden administration’s plan to raise taxes sharply will damage the U.S. economy and stock market, plus the degree of Inflation that will occur in the United States, which has not been seen since the 1970s, and that the U.S. stock bubble will burst.
Foreign media reports, Forbes Day to “the U.S. stock bubble will burst, inflation is coming” (Stock Market Bubble Will Burst & Inflation Is Coming) as the title of the recorded video warning that the market now believes that the Biden Administration and the Federal Reserve’s as the U.S. is recovering economy caused by the damage is limited, but in the coming months, this optimistic assumptions will be broken, investors enjoy the bull market, but trouble is coming.
He said the U.S. Federal Reserve is triggering an inflation not seen since the 1970s, and Chairman Jerome Powell is dismissive of any concerns about inflation, suggesting the Fed can control it like a light or faucet switch, but unpleasant historical experience shows that once inflation gains momentum, it is hard to control and interest rates are bound to rise.
He warned that the Federal Reserve underestimated the scale of the upcoming money printing, the U.S. Treasury will issue trillions of dollars in size of bonds to raise money for unprecedented peacetime spending in the United States, but banks, foreign governments, U.S. government agencies will no longer be as big buyers of U.S. debt, which leads to the Federal Reserve must bear the burden, and the scale of money that will need to be created, will trigger massive inflation.
He pointed out that, to add insult to injury, the Democratic Party is determined to impose substantial taxes on capital gains, business, high income, gasoline, car mileage, energy, inheritance, etc. These taxes are particularly damaging to small businesses, and the Democratic senators proposed “wealth confiscation program” may also be on the table. He also cited the Clinton era of the U.S. Treasury Secretary, Obama’s White House economic adviser Summers (Larry Summers) has warned that the Biden administration’s policies, is the United States 40 years since the face of the “most irresponsible” overall economic policy.
He finally warned that the U.S. economy has deep roots in the recovery from the new pneumonia Epidemic, but the U.S. economy will not be able to withstand the coming stunning financial and monetary abuse measures.
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