Peter Schiff Warns Of Economic Collapse And Financial Losses

According to PANews, economist and gold advocate Peter Schiff has issued a warning that restoring the real economy will require the collapse of the 'false economy,' which will result in significant financial losses for many. He emphasized that the alternative is worse, as it would lead to currency devaluation. Schiff criticized government and Federal Reserve policies, particularly following the 2008 financial crisis, and warned that today's debt-driven economic bubble is larger than ever before. He pointed out that after the financial crisis, the government did not learn its lesson, and the Federal Reserve did not acknowledge its role in the crisis, continuing to implement measures that led to the crisis. Schiff believes the current economic situation is more severe, with higher debt levels and a larger bubble. He stated, 'Our debt now far exceeds that of 2008, the bubble is bigger, and it involves more than just residential housing. We are on the brink of a greater economic crisis, and this time there may be no bailout measures.' Looking ahead, Schiff stressed the necessity of allowing the 'false economy' to collapse to return to a more stable system, acknowledging that this process will be painful.