Economist Peter Schiff Warns of ‘Tragic Ending’ and US Dollar Collapse — Says ‘Day of Reckoning Is at Hand’

Economist Peter Schiff has warned that the U.S. financial system is headed for a tragic ending. “We’re going to have a greenback disaster and a sovereign debt disaster,” he burdened, cautioning that the Federal Reserve is “going to print money until the dollar collapses.” He added: “I think that day of reckoning is at hand.”

Peter Schiff Foresees ‘Tragic Ending’

Economist and gold bug Peter Schiff issued extra dire warnings in regards to the U.S. financial system and the U.S. greenback in an interview on First TV final week.

Schiff defined that the present inflation we’re experiencing has its origin within the 2008 monetary disaster. “What the government did in response to that crisis — QE1, QE2, QE3 — all of that, plus what we did during Covid, that is the source of all this inflation. And it’s going to continue to get worse as long as we continue to run these massive deficits,” the economist defined.

Noting that the U.S. is operating annual funds deficits of round $2 trillion and its nationwide debt continues to extend, he cautioned:

This goes to result in a lot larger inflation sooner or later than what we’ve skilled prior to now … I believe inflation goes to be a a lot greater drawback in 2024 than it was in 2023.

“Interest charges are a value. And it’s an essential value for lots of corporations, similar to labor, and hire, and uncooked supplies, corporations borrow cash to conduct their enterprise, to make capital investments, to broaden. Numerous these corporations have taken up debt through the years and now the price of servicing that debt has risen sharply,” the gold bug continued.

Schiff additionally warned in regards to the collapse of the USD. “You can already see the world is trying to divest itself of the dollar. There’s a big movement to look for alternatives to the U.S. dollar. They’re there and that’s happening,” he emphasised, predicting: “As our trading partners move away from the dollar, the dollar is going to fall very fast. Prices are going to rise much faster than they have been and at some point, it’s going to spiral out of control.”

The economist concluded:

The story goes to have a tragic ending, sadly. We’re going to have a greenback disaster and a sovereign debt disaster. The Fed goes to print cash till the greenback collapses.

“I think that day of reckoning is at hand. I don’t know that it’s tomorrow, but it’s coming sometime soon,” he clarified.

Last week, Schiff equally warned a few massive crisis and a rush to get out of the U.S. greenback. He has repeatedly cautioned {that a} U.S. greenback collapse is inevitable. In July, he suggested everybody to get out of the dollar now, emphasizing that the Federal Reserve is mistaken about its recession outlook. Last month, he mentioned the U.S. financial system will expertise a “full-blown financial crisis” earlier than the Fed reaches its inflation goal.

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