29.01.2026 19:52
Peter Schiff, an American economist who predicted the 2008 crisis, argued that the global economy is heading towards a new and much more severe crisis. Noting the record rises in gold and silver, Schiff stated that central banks are moving away from the dollar, claiming that the upcoming process will make 2008 look like a "school picnic" and that gold will replace the US dollar.
Peter Schiff, an American economist known for predicting the 2008 global financial crisis, made striking assessments regarding the world economy. Schiff argued that a new and much deeper economic shock centered in the U.S. is approaching, criticizing the current situation in harsh terms.
THE RISE IN GOLD AND SILVER IS A SIGN OF AN IMMINENT BREAKDOWN The consecutive record highs in gold and silver prices have brought Schiff's warnings back to the forefront. According to Bloomberg, Schiff claimed that these increases are not coincidental and are indicative of an impending breakdown in global markets. The economist asserted that the U.S. economy would be at the center of the potential crisis.
Peter Schiff "WE ARE HEADING TOWARDS AN ECONOMIC CRISIS THAT WILL MAKE THE 2008 FINANCIAL CRISIS LOOK LIKE A SCHOOL PICNIC" Speaking on Fox Business, Schiff stated that the U.S. dollar and public debt are under serious pressure. He pointed out that the recent increase in gold purchases by central banks is a clear indication of moving away from dollars and U.S. Treasury bonds.
The famous economist said, "We are facing a crisis with the U.S. dollar and public debt. Central banks are buying gold to support their currencies. They are getting rid of dollars and Treasury bonds. We are heading towards an economic crisis that will make the 2008 financial crisis look like a school picnic."
"THE DOLLAR WILL COLLAPSE, GOLD WILL TAKE ITS PLACE" Schiff also addressed the structural problems of the U.S. economy, arguing that global balances are changing. The economist stated that the U.S. has moved away from production and is stuck in a consumption-based model, claiming that the world economy no longer supports this system as it used to.
Schiff continued his assessments by saying, "We are dependent on the world. They provide us with the goods we do not produce. They lend us the money we cannot save. Trump turned this around. The world economy does not operate because of us; our economy operates thanks to the world. We have a dysfunctional consumer-based economy based on the status of the U.S. dollar as a reserve currency, and the world is now pulling the rug out from under the U.S. Dollar will collapse. Gold will take the place of the dollar."