Peter Schiff: The New Crisis Will Be Severe Enough to Make You Forget 2008

A New Financial Crisis on the Horizon

American economist Peter Schiff, known for his predictions about the 2008 global financial crisis, argues that the world economy is at the beginning of a much deeper and more shocking crisis. Schiff predicts that this time the center of the crisis will be the USA and that the economic turmoil will not be limited to just this country.

Gold and Silver: A Safe Haven or a Warning Sign?

In a statement made on Fox Business, Schiff emphasized that the rise in gold and silver prices should not be viewed merely as a search for a “safe haven.” He noted that these price increases indicate that inflation is rising and that the US dollar is losing its credibility on the international stage.

2023 and Beyond: Economic Uncertainties

The economist expressed that the increase in gold and silver is indicative of preparations for a deeper economic crisis that will erupt in the last quarter of 2023 or at the latest in 2024. Schiff stated that the US is facing serious issues due to high public debt and the depreciation of the dollar.

Central Banks' Strategies are Changing

Schiff remarked that central banks are inclined to buy gold to support their currencies, moving away from the dollar and treasury bonds in this context. This situation indicates that with the upcoming crisis, the value of gold will rise, and confidence in the dollar will be shaken.

The American Economy: Global Dependency and Future Scenarios

Criticizing the US economy's dependence on external factors, Schiff expressed that goods that cannot be produced are imported, and unexpendable resources are financed by debt. He pointed out that this balance has been disrupted since the Trump era, arguing that the global economy now stands more on the US rather than the US economy relying on the world.

The Crisis's American Character

Schiff emphasized that the upcoming crisis will target only the USA, unlike past global crises. This situation may allow other countries to gain relative advantages economically. The economist describes 2008 as "an innocent school picnic," predicting that the upcoming process will be much more destructive.