“This Is A Completely Dysfunctional Economy” – Peter Schiff Fears Dollar Crisis “Close At Hand”

“This Is A Completely Dysfunctional Economy” – Peter Schiff Fears Dollar Crisis “Close At Hand”

Via Greg Hunter’s USAWatchdog.com,

Money manager and economist Peter Schiff says all the debt and money printing by the Fed will, ultimately, get down to one thing and that is the U.S. dollar. 

The Fed has been getting away with this turbocharged money creation policy since the last financial meltdown in 2008.  In 2021, the consequences of “money for nothing” are finally kicking in.  Schiff explains,

The inflation crisis and the dollar crisis . . . are a much bigger economic event that will have a much greater impact than the 2008 financial crisis.  I have been warning about the consequences of all this money printing for years and years.  Now, finally, you are really starting to see that.  The government has been able to bury the amount of inflation they have been creating because of the CPI (Consumer Price Index).  The CPI doesn’t really capture the degree that prices are going up.  So, it creates a false sense of confidence that we haven’t had inflation, but now prices are rising so rapidly that even the government’s doctored CPI number can’t hide it. . . . We are getting these huge price increases across the board.”

How worried should people be about all the Fed money printing?  Schiff warns,

“The Fed says there’s nothing to worry about.  Inflation is just going to magically come back down.  We are still going to be at 2% inflation.  So, we can keep the printing presses going with the pedal to the metal, and we are going to have these huge deficits.  We are going to print all this money, and there is nothing to worry about.  Well, you better worry!  This crisis will be much worse than 2008, and unlike 2008, nobody’s getting a bailout.  The reason the Fed could do the bailouts is the Fed could print the money to fund the bailout.  The next crisis is the dollar that is going to be in crisis. The dollar is going to be crashing, and they can’t bail anybody out from a dollar crash because all they can do is print more dollars, which will just accelerate the collapse of the dollar.”

The warning is simple.  Schiff says, “This is a completely dysfunctional economy that is going to collapse when the bottom drops out of the dollar.  I think that crisis is close at hand.”

In closing, Schiff points out,

Gold and silver are very cheap.  Everything is in a bubble except gold and silver because gold and silver are real money. . . . We are going to see all these bubbles deflate in terms of gold and silver.  The price of stocks, real estate and crypto currencies are all going to come way down in terms of gold and silver. . . . Get your gold and silver, physical coins, buy that now while you can still get it.  In the future, not only are the prices going to go way up for the metal, but the premium on the coin is going to go way up in addition to that.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with money manager and economic expert Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.

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Tyler Durden
Wed, 05/26/2021 – 11:40

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