Peter Schiff is an economist who served as an advisor to Ron Paul in 2008 and even made a run for Senate on his own at one point. He’s well-known in the “Austrian” as well as the libertarian economic community, but is perhaps best known for his belief that our next coming crisis is going to be “an order of magnitude larger than the crisis in 2008”, only this one, the Federal Reserve is not going to be able to print their way out of, Schiff predicts in his most recent interview.
“What the Fed is worried about is a repeat of the 2008 financial crisis. What they don’t realize is the next crisis is not going to look like the 2008 crisis,” Schiff said.
He makes the why the dollar going up in 2008 helped the Fed bail everyone out, and why it’s going to be impossible for the Fed to do the same thing when the dollar collapses during the next recession. Schiff also explains that a loss of confidence in the dollar as the world’s reserve currency could see interest rates move much higher, resulting in the U.S. defaulting on its debt.
Despite getting the 2008 housing crisis right, Schiff’s appearances in the mainstream financial media have declined precipitously due to his bearish outlook. As an alternative, he has created a substantial voice for himself on his YouTube channel, which boasts hundreds of thousands of subscribers.
On Saturday, August 4, Peter Schiff appeared on the Quoth the Raven podcast to talk about a multitude of topics, including:
- Why the mainstream media doesn’t have him on anymore, despite predicting the 2008 financial crisis production dead-on
- Why the government should have let more banks fail in 2008
- Why he believes that a socialist will be elected in 2020 and why a libertarian may actually have a chance in 2024
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