Issuing an age-old reminder of history repeating itself and the ills of massive government spending, former Brexit Party leader Nigel Farage warns the "disease" of inflation is long lasting.
"The lessons from the 80s are that once you've got this disease of inflation, it takes a very long time to cure," Farage told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y.
"This is going to be a major economic issue over the next few years."
Farage denounced President Joe Biden's empty promises of, "don't worry your little heads, everything is going to be fine; it's going to be temporary," he told host John Catsimatidis.
"The western world is entering into a new phenomenon that, unless you're over 55, you can’t even remember: It's called inflation," Farage said. "Everyone thought it had gone away. It hasn't. It has come back. What we learned in the 60s and 70s and into the 80s was that inflation is a disease of money that is caused by the government.
"It is caused by bad control of money by government. It is caused by overspending."
The massive spending during the COVID-19 pandemic was bad enough, but Farage laments there is more to come this summer and fall with Biden's progressive agenda on human infrastructure and Green New Deal items, which former President Donald Trump rebuked as "Green New Bullsh*t" in his Turning Point USA speech Saturday night in Phoenix, Arizona.
"During the pandemic, governments have run up massive debt," Farage said. "The only way they can reduce the level of those debts is through inflation because inflation devalues money. The governments and the central banks will never admit it to you."
And, Farage concluded, the Federal Reserve is going to have to drive of inflation to "reduce their debt burdens."
"We're going to see a policy that allows inflation so that they can reduce their debt burdens," he said, and that's going to have huge implications for ordinary families" and "for savers."
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