Originally posted on September 29, 2023.
A SchiffGold.com, Peter Schiff, warns that the economy is buried under trillions in debt, and that, in his words, “Every day, we’re getting closer to a major stock market crash, or a financial crisis, or both.”
Interest rates continue to push relentlessly higher. As Peter Schiff explained in his podcast, that’s a big problem when the entire economy is built on a foundation of cheap money. But most people in the mainstream don’t seem to grasp the gravity of the situation. They don’t realize that we are at the beginning of the end of this whole phony economy.
In a nutshell, the economy is buried under trillions in debt. The cost of the debt is rising. The economy simply isn’t built to handle an even moderately high interest rate environment.
But here we are.
Every day, we’re getting closer to a major stock market crash, or a financial crisis, or both.”
And he emphasized that the crisis is inevitable. Nothing can derail it in the long run. He said Federal Reserve Chairman Jerome Powell could put off the implosion in the short run by doing something drastic to change the narrative. That would entail at least hinting at interest rate cuts.
Otherwise, this is going to happen. Whether it’s tomorrow, the next day, or the next week is hard to tell. But what seems apparent to me is that we’re about to go over a cliff. I just don’t know how much more distance there is between where we are now and the edge of that cliff. But we’re going there.”
What is going to push us over the edge?
Read more here.
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