Boom Bust Season 2 Episode 63 Schiff On the Weak Economy and Beckworth On How Central Banks Get It Wrong

Boom Bust season 2 episode 63 features two leading experts in the economics realm, Peter Schiff and David Beckworth. The episode delves into the current state of the global economy, with Schiff offering his analysis on why the US economy is weak despite the recent stock market gains. Schiff is a seasoned financial commentator, author and CEO of Euro Pacific Capital Inc. which makes him a credible resource on the topic of the US economy.

The audience gets to hear Schiff's perspective about the decline of the US economy, including his thoughts on how the Federal Reserve's monetary policy has led to underperformance. Schiff's views bring up the question of whether the recent surge in the stock market offers real value to the economy or if it is part of a bubble that is destined to burst.

David Beckworth, Professor of Economics at George Mason University, counters Schiff's views on the Federal Reserve's monetary policy. Beckworth points out how the central banks often get it wrong, such as when they fail to respond to signs of a downturn or react in an overzealous manner. He attributes this to the flawed models that the central banks use to judge the economy and the policy-making process that follows.

The episode also explores the COVID-19 stimulus package introduced by the US government in 2020 along with the way it has impacted the economy. Schiff and Beckworth both agree on the fact that this type of stimulus package introduces "noise" into the system and does not provide the economy with a long-term solution. Instead, Schiff and Beckworth advocate for more sustainable solutions such as increases in productivity and innovation.

As the episode wraps up, Peter Schiff and David Beckworth mutually conclude that the global economy is in a troubling state with no clear or easy way out of the current situation. They, however, both offer their views for how the economy can recover and grow, including incentivizing innovation, tapping into natural resources, and improving policies that benefit long-term growth.

In conclusion, Boom Bust season 2 episode 63 provides a deep analysis of current global economic affairs with an interesting debate on how central banks play their role in shaping the economy. The expert opinions of Peter Schiff and David Beckworth add great depth to this episode and offer valuable insights into the financial world. This episode offers viewers a lot to ponder, from how the COVID-19 pandemic has impacted the global economy to how central banks can act properly for the well-being of the global economy.