Renowned economist and vocal Bitcoin (CRYPTO: BTC) critic Peter Schiff has denounced the July Consumer Price Index as a “fraud” and has made a bold prediction about the potential consequences of a September Federal Reserve rate cut. What Happened: Schiff took to X to express his skepticism about the CPI, which rose by 2.9% year-over-year in July. He attributed this modest increase to a significant drop in used car prices, which fell by nearly 11%. Schiff questioned the accuracy of the CPI, arguing that it fails to reflect the rising costs of essential expenses such as auto insurance, which inc…
