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🥵 Peter Schiff: The US is on the brink of a financial crisis larger than 2008.

Key points of the interview:

• Gold hit a new all-time high due to a combination of factors: problems in the US economy, a weak dollar, rising government debt, and geopolitical risks.

• The main problem for the US is not a possible government shutdown, but the very functioning of the state with uncontrollable spending and deficits.

• The dollar is at multi-year lows and is weakening against all major currencies. This is a vote of no confidence in the US economy and financial policy.

• Consumer confidence has fallen to a 12-year low, despite "good" official macro data, which are distorted by inflation and will be revised.

• Inflation in the coming years will be more destructive than during Biden's presidency. This is what gold and silver are signaling.

• Gold and silver act as early indicators of an impending crisis, similar to 2007 before the 2008 crisis.

• The US is heading toward a dollar crisis. Gold has no ceiling, as the dollar has no bottom.

• Donald Trump's tariffs are effectively paid by American consumers, making imports more expensive and weakening the US economy.

• The world is financing the US — supplying goods and purchasing US debt. This model is breaking down.

• The dollar will soon collapse. Central banks around the world are reducing their holdings of dollars and US government bonds and increasing gold purchases to support their currencies.

• The next crisis will not be global, but American. In scale, it will surpass 2008, while the rest of the world may benefit.

• The rise in gold and silver is not a bubble. The real bubble is in the dollar and the US economy.

• Records on the US stock market are an illusion. In real terms, US stocks have shown decline over decades, not growth.

Peter Schiff is an American economist, investor, and one of the most well-known critics of the US dollar financial system and Bitcoin. He gained widespread reputation after accurately predicting the 2008 crisis.
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