Economist Peter Schiff has raised an alarm bell to warn of an impending crisis that he believes is going to be “much bigger” than the financial crisis of 2008. In an interview with NTD News, the prominent gold bug highlighted that the U.S. economy has been built on a system of mistakes and the Federal Reserve has only exacerbated the situation by introducing larger bubbles to paper over the original errors.
Schiff asserted that the catastrophic meltdown which is being set in motion won’t just happen for taxpayers, but for everyone who holds money in U.S. dollars, as their purchasing power will shrink due to the government bailing out banks to help them stay afloat. According to the economist, this will be the “biggest economic disaster” in U.S. history as Americans face a sinister combination of not only a recession but a surge in inflation.
Already there has been a collapse of major banks such as Silicon Valley Bank and Signature Bank as a precursor to a wider crisis and Schiff believes that the government cannot protect citizens against the overarching risk of inflation. He believes the Federal Reserve increasing its balance sheet by approximately $400 billion over two weeks is indicative of the inflation that is on the horizon and with it comes the destruction of all money that is in circulation.
In order to protect their money, the gold bug commented that “the only hope is to find something that is durable and something that can’t be inflated away by the Federal Reserve and right now that’s gold.” He has suggested seeking refuge in physical gold bars as a bolt hole from the inflating U.S. dollars.
By all accounts, economist Peter Schiff has forewarned of a financial downturn that appears imminent. From his analysis of recent Federal Reserve policies, he believes the U.S. dollar is being devalued in order to finance the bank bailouts and everyone with a stake in U.S. currency will suffer a blow in their purchasing power. The only way for citizens to protect themselves from the looming financial disaster is to invest in something that is resistant to inflation and Schiff believes gold is the answer.
Benjamin Anderson
- 2023-03-31
Peter Schiff Warns of Much Bigger Crisis than 2008
Economist Peter Schiff has warned of an impending financial crisis that will be much bigger than the 2008 crisis. With banks already collapsing, Schiff suggests citizens seek refuge in gold.
