Peter Schiff, an economist and a staunch gold advocate, has warned that America is on the verge of a financial catastrophe worse than the 2008 crisis. Speaking on Platform X, he stated that government leaders and financial media are ignoring crucial economic indicators. Schiff believes that new tariffs will disrupt trade flows, increase inflation, reduce imports, raise prices, boost demand for domestic goods, and push long-term interest rates up. He also criticized the reduction of taxes for the middle class, which increases the budget deficit and intensifies demand for scarce goods. He predicted that the Federal Reserve’s response to the impending recession, through monetary easing to combat inflation, will exacerbate the crisis. Schiff concluded that this situation will not resemble the stagflation recession of the 1970s but will be much worse.
