US economist Peter Schiff says US dollar crisis will eclipse 2008 financial meltdown

Economist Peter Schiff, who rose to prominence by predicting the 2008 financial crisis, when the subprime market blew up from the housing bubble, is once again warning of a looming crisis, as the Gold and Silver rallied after crashing on Friday. Peter Schiff is warning of a crisis of such magnitude that it will make the 2008 crisis look like a 'Sunday school picnic'.

"Gold and silver are warning about a bigger crisis that's gonna hit either later this year or maybe next year. We are headed for a US dollar crisis and a sovereign debt crisis," Schiff said Tuesday in a Fox Business show, "The Claman Countdown."

He said that the Central Banks are stocking up on Gold to back their currencies and getting rid of Dollars and US Treasuries. He said that the world is pulling the rug beneath the US. "We are headed for an economic crisis, again, that will make the 2008 financial crisis look like a Sunday school picnic." He said that the key difference this time will be the US all by itself.

When asked what the problem is, “central banks hoarding gold” or a “looming government shutdown”, he said that there are a lot of problems, but instead of the government shutdown, “government will continue to operate” is the major problem. Peter Schiff, a renowned conservative economist, said that Trump is trying to sell the idea that the US economy is the hottest in the world; on the contrary, it is the “coldest” economy in the world and deserves an “F”. He said that we will see the blow up by the end of end of 2026, or by 2027.

Pschiff criticised the “Big Beautiful Bill”, calling it a “nail in the coffin” as it increased the spending. He added that the election of Trump made the process of decline faster, “Trump is going around antagonising the world” by putting more tariffs. The US national debt is $38.6 trillion, and Trump has a history of several high-profile bankruptcies. Pschiff suggested that Trump has the whole economy backwards. He further added that it does not matter that Trump backed away from invading Greenland; the important thing is that he “put it out there that he was considering it”, displaying the US military might, which it only possesses because the rest of the world finances it. He said that the “World economy does not work because of us, our economy works because of the world. We have a dysfunctional consumer-based credit economy that rests on the foundation of the US dollar reserve currency status."