Economist Peter Schiff: US Dollar Near ‘Historic Crash’ — ‘Forget Soft Landing, It’s Crash and Burn’

Economist Peter Schiff has warned that the U.S. greenback is “on the verge of a historic crash.” He harassed that there received’t be a gentle touchdown for the U.S. economic system, predicting a “crash & burn” state of affairs. Schiff highlighted the potential for elevated inflation, rising rates of interest, and elevated unemployment. “The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation,” he famous.

Peter Schiff’s Latest Economic Warnings

Economist and gold bug Peter Schiff is again with gloomy financial predictions in a sequence of posts on social media platform X. He wrote on Tuesday:

The U.S. greenback is on the verge of a historic crash. This can be a sport changer for the Fed and the economic system, as it would ship inflation, rates of interest, and unemployment hovering. Forget a couple of soft-landing. It’s crash & burn.

He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternative.”

On Wednesday, the economist defined on X: “The U.S. economy is already in recession. Though Q3 GDP grew by 5.2%, government spending contributed 5.5%. So without that spending, GDP would’ve contracted by .3%. Government spending borrowed money doesn’t reflect real economic growth. It will only lead to higher inflation.”

In one other put up on Wednesday, Schiff detailed: “Bonds are rallying on the Fed’s Beige Book acknowledgment that the economy is slowing. Bond investors should be careful what they wish for.” He continued:

The economic system is weaker than the Fed thinks and the end result can be bigger finances deficits and better inflation.

Schiff has constantly raised issues in regards to the U.S. economic system and the autumn of the U.S. greenback. In October, he stated: “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He cautioned that people holding U.S. {dollars} would face important losses. Furthermore, the economist has warned of the potential for a extreme recession, an inflationary melancholy, an “unprecedented” monetary disaster, and a tragic ending. In September, he stated a “massive crisis” will result in a rush to exit the U.S. dollar.

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