Gold advocate Peter Schiff: Restoring the real economy requires letting the "fake economy" collapse
Bitget2024/10/06 10:34
On October 6th, according to media reports, economist and gold advocate Peter Schiff warned that restoring the real economy requires letting the "false economy" collapse, which will lead to significant financial losses for many people. He also emphasized that the alternative is worse because it will lead to currency depreciation. Schiff criticized the policies of the government and the Federal Reserve, especially after the 2008 financial crisis, and warned that today's debt-driven economic bubble is bigger than ever before. He pointed out that after experiencing the financial crisis, the government did not learn its lesson, and the Federal Reserve did not acknowledge its role in the crisis, but continued to take measures that led to the crisis.
Schiff believes that the current economic situation is more severe, with higher debt levels and larger bubbles. He said, "Our current debt is far greater than in 2008, the bubble is larger, and the scope is not just residential housing. We are on the brink of a larger economic crisis, and this crisis may not have rescue measures." Regarding the future, Schiff emphasized that the "false economy" must collapse in order to return to a more stable system, and he also acknowledged that this process will be painful.
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