Economist Peter Schiff Warns the US Dollar Will Crash — Says ‘We’re Going to Default’

Economist Peter Schiff has warned that the U.S. dollar will crash. Noting that the U.S. is “in a much bigger fiscal mess than Great Britain,” with a much bigger debt problem, Schiff stressed: “Can we possibly repay this debt? Of course not. Repaying the debt is impossible. So, what’s going to happen? We’re going to default.”

Peter Schiff Discusses U.S. Dollar Crashing

Gold bug and economist Peter Schiff shared his outlook for the U.S. dollar in a podcast titled “When This Sucker’s Rally Ends, the Dollar Will Crash,” published Saturday. He explained that the U.S. has major problems that will lead to the crash of the U.S. dollar.

Referencing the situation in Britain, Schiff said the U.K. is concerned about increasing debts. The country’s debt-to-GDP ratio is around 85% and former Prime Minister Liz Truss “threatened to send British debt to GDP even higher,” the economist described, noting that “investors rightly dumped the pound.” However, he added: “They sold pounds for dollars … The irony is they were buying dollars despite the fact that the United States has an even bigger debt problem.”

The U.S. national debt is now above $31 trillion and the government ran a $1.38 trillion budget deficit in the fiscal year 2022. Schiff explained that the debt-to-GDP ratio in the U.S. is actually higher than 125%. When factoring in state and local debt, the ratio balloons to 140%, he detailed, elaborating:

We’re in a much bigger fiscal mess than Great Britain. So, selling pounds and buying dollars because you’re worried that Britain has too much debt is jumping from the frying pan into the fire…...more here

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