Economist Peter Schiff warned of a much more serious financial crisis than the present banking crisis. He asserted that the crisis will be much bigger than the subprime mortgage crisis between 2007-2010. According to Schiff, the Federal Reserve says that a mild recession is coming - though normally they don't forecast it - which implies that this recession is expected to be massive. He highlighted the fact that the big banks are insolvent but they are too big to fail, so they will be rescued by the Federal government. This will result in a run on small banks, creating a huge problem. Finally, Schiff claimed that anyone who tries to downplay the current banking crisis is make a mistake.
William Brown
- 2023-04-14
Economist Peter Schiff Issues Stern Warning Ahead of Financial Crisis
Economist Peter Schiff has warned that the present banking crisis will be much bigger than the 2007-2010 subprime mortgage crisis. He believes that any attempt to downplay the current banking crisis is incorrect.
