Has anything really changed under President Donald Trump? Not really, says Peter Schiff, President and CEO of Euro Pacific Capital.
Speaking in an interview with Future Money Trends, Schiff warned that many investors need to begin protecting their wealth when the worst-case scenario comes to fruition. Ultimately, says Schiff, there is very little hope for economic growth.
Citing Obamacare, tax reform and a reckless foreign policy, Schiff thinks nothing has really changed, and this is disappointing a lot of supporters who thought Trump was going to make America great again.
“I mean it’s the same old same old right? Big government… bigger deficits… more cheap money… keep the air in the bubble. We’re headed for a major major crisis,” Schiff said.
The most amount of attention that Schiff is garnering is for his comments about the U.S. dollar.
Here is what he says in regards to the greenback:
“The dollar is living on borrowed time, literally. And so we just don’t know. It’s like a bomb with a fuse, but we just don’t really know how long the fuse is.
“The dollar, I think is in a major bubble. I think it is in the process of topping out. I think once it completes this top it’s going down. And I think it’s going to take out the lows from 2008.
“I think it’s going to go down for the count. Because the last time, what saved the dollar was the financial crisis, and that crisis resulted in everybody buying the dollar. But I think the next crisis is not going to be the same crisis that we had in ’08.
“I think the dollar is going to be the crisis. I don’t think it’s going to be a bread and butter financial crisis. This is going to be a currency crisis. So it’s going to be the US government.”
He noted that the only difference this time is that it’s not necessarily the mortgage markets that will blow up but rather the the Treasury bond market as well as the Federal Reserve.
“And this is going to be a major major negative for the dollar, not a positive,” Schiff said.
Here is the full interview embedded below:
Gold may run soon? Tell that to the people who purchased gold for $1850 in 2011. Peter the gold bug is at it again. Talk down the dollar, the FED anything to get the gold sold. I watched gold in 2008 it dropped like everything else, why would anyone thik the next recession will be any different?