The economist and gold bug Peter Schiff usually has a lot to say, and this past week Schiff explained during an interview that he believes the U.S. will face a financial crisis worse than 2008’s ‘Great Recession.’ Schiff explains that the U.S. has a lot more debt than it did back then, and insists America’s economic downturn “is going to be a much bigger crisis when the defaults start.”
When they fail, it’s going to be a lot worse, except with inflation too high and the Fed fighting inflation. There’s no TARP 2.0. All these banks are going to have to be allowed to fail.
I don’t think that’s something to celebrate… It’s not like consumers actually got the relief of prices coming down. There’s no doubt in my mind that we will get a higher number than 9.1 percent. We are nowhere near done with this inflation problem. It is going to be here for years and years, and probably the remainder of this decade and then some.