By Bitcoin.com - 6 months ago - Reading Time: 2 minutes
Economist Peter Schiff Says US Dollar Will Tank — Warns of USD Owners Getting Destroyed
Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.”
Peter Schiff on Treasuries Crashing, US Dollar Tanking
Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week.
“We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed:
The dollar will tank, taking the U.S. economy and the American standard of living down with it.
“U.S. Treasuries are now the ultimate risk asset, as losses are guaranteed,” Schiff warned in another X post. “There are only two possible outcomes, default & deflation, or devaluation & inflation,” he predicted, adding:
The latter option is more politically expedient, which means everyone who owns U.S. dollars will also get destroyed.
Schiff has warned about the collapse of the U.S. dollar many times. The economist detailed last week: “The primary use for U.S. dollars has been to buy Treasuries. But since the biggest buyers are now sellers, and the national debt and federal budget deficits are soaring, demand for dollars should collapse as well. Once the dollar starts falling, Treasury yields will rise faster.”
The gold bug expects no further interest rate hikes. “We’ve got war in the Middle East, so the Fed can’t raise rates with all that uncertainty out there. And maybe they’ll have to cut rates,” he recently said. Schiff has also repeatedly warned about an impending biggest bond market crash and an unprecedented financial crisis.
Do you agree with economist Peter Schiff about the U.S. dollar? Let us know in the comments section below.
Original source: Bitcoin.com