Economist who predicted 2008 financial crisis says ‘U.S. economy about to shut down’

Economist who predicted 2008 financial crisis says 'U.S. economy is about to shut down'
Jordan Major

Economics and financial experts are predicting what will happen next in the wake of recent price increases and the general inflation which have impacted the United States economy.

In light of recent market volatility across a range of asset classes, Peter Schiff, a globally respected economic and financial expert, took to Twitter on May 9 to express his thoughts on the present situation.

Schiff forewarned that the United States economy is on the brink of collapsing once again, but this time with more severe effects than those seen during the outbreak of Covid, which resulted in millions of job losses.

“The entire U.S. economy is about to shut down again, but this time it won’t be a dress rehearsal like with Covid19. This will be the real thing. We won’t ask businesses to close they’ll have no choice but to close. Tens of millions will be fired from jobs that will never return!”

In 2008, Schiff gained national attention as one of the few analysts who successfully predicted the financial crisis months in advance.

Notably, Schiff is also well known in the crypto space for his thoughts on Bitcoin, as he doesn’t believe in cryptocurrency. His stance is Bitcoin is not backed by anything other than people buying it, which undermines its value.

With U.S. inflation at a 40 year high much has been made about Bitcoin as a hedge against inflation. The dollar’s depreciating value is cited as one of the primary reasons investors want to invest in the cryptocurrency, often described as “digital gold” due to its limited quantity.

However, the U.S. dollar index rose to its highest level in 20 years on Monday, May 9, despite the raging inflation. Meanwhile, $280 billion has outflowed Bitcoin’s market cap since the start of 2022.




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