The Great Depression will pale in
comparison to the next financial crisis which could soon be coming, according
to investor Peter Schiff, famous for his doomsday predictions.
“The bad
news is, we are going to live through another Great Depression and it’s going
to be very different. This will be in many ways, much much worse than what
people had to endure during the Great Depression,” Schiff
said, as quoted by ZeroHedge. "This is going to be a dollar
crisis.”
According to Schiff, the US Federal
Reserve is propping up the markets to urge people to spend more, but in fact,
the wealth created is a bubble.“It’s actually doing damage. If you create a
bunch of phony wealth, and people end up spending money that they otherwise
would have saved, you are undermining economic growth,” he said.In
January, Schiff predicted that “the economy is going to blow up like a bomb”
because of the Federal Reserve policy, but President Donald Trump will be to
blame.
“Unfortunately,
that’s what Trump has inherited from Obama. But it’s not even really just
Obama, it’s the Federal Reserve. It’s the monetary policy that has been passed
like a baton from Clinton to Bush to Obama and now to Trump. And we’re near the
end of the game and unfortunately, Trump’s gonna be the fall guy. This thing is
all gonna collapse while he’s president,” Schiff said. The tax cuts
will give the Democratic Party a reason to blame the collapse all on Trump and
the Republicans, the investor added.
Source: RT