If you believe the latest GDP release, the U.S.’s economy isn’t look all that bad (or at least not as bad as some would believe). Peter Schiff, however, doesn’t think so. The founder and CEO of Euro Pacific Capital thinks things are much, much worse than many realize.
“I think the Fed is going to have negative interest rates before the election because we’re going to be in a serious recession…We’re in worse shape now than we were in 2007.”
“The Fed is going to go negative because they want to do something stimulative to try and boost the economy so the Republicans — or someone like Donald Trump — don’t just walk away with the election.”
“They’re going to blame the downturn on overseas weakness washing up on our shores to try and convince us that our economy is alright.”
“So what’s going to happen when the one things keeping consumers afloat — low gas prices — disappears? Simple: They’re going to sink.”
“We’re headed for a real economic collapse, the order of magnitude of which will be much greater than 2008’s crash.”