Peter Schiff, chief economist and global strategist at Euro Pacific Capital, has highlighted the effects of inflation using an ‘entertaining’ example. Schiff said in a tweet that many price hikes never make it to the consumer price index and highlighted the example of Walt Disney Co’s DIS Disney park fee and its wrist bands to explain his take.
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“Many price increases never make it into the #CPI. In addition to a double digit annual increase in admission to Disney World, the park now charges $20 dollars for park wrist bands that were provided free of charge last year. That’s an extra $80 for a family of four. #Inflation,” Schiff tweeted.
Disney is going through interesting times. The company brought back Robert A. Iger to lead the company as CEO, succeeding Bob Chapek, who stepped down from his position.
Inflation: The minutes from the Fed meeting released last week indicate that the central bank officials agree on smaller rate hikes going forward. Wall Street had reacted to the news positively. The SPDR S&P 500 ETF Trust SPY gained 1.19% in last five days while the Vanguard Total Bond Market Index Fund ETF BND gained 0.88%.
Schiff is also in favour of more free market regulation. According to him, there is no need for more government regulation.
“We don’t need more government regulation. We need more free market regulation and personal responsibility. Let’s end the #Fed, government stimulus, subsidies, guarantees, and bailouts. The #NYSE started in 1792. The #SEC was not created until 1934. We were better off without it,” he tweeted last week in the wake of the FTX saga.
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