Peter Schiff Says Banking Crisis Not Over, Much Worse Financial Crisis Incoming — Warns of ‘Massive’ Recession

0 4

Peter Schiff Says Banking Crisis Not Over, Much Worse Financial Crisis Incoming — Warns of 'Massive' Recession

knife

Economist Peter Schiff has cautioned that the present banking crisis is the cusp of a much worse financial crisis. “It’s going to get much much worse if you are going to try to dismiss it,” he stressed. Citing the Federal Reserve’s recession forecast, he warned: “Normally the Fed doesn’t forecast a recession. So if they can actually see this one coming, it likely means it will be massive.”

Peter Schiff on Banking Crisis, Financial Crisis, and Recession

Gold bug and economist Peter Schiff warned in a recent interview on Trader TV Live that the current banking crisis is not over and a much worse financial crisis will follow.

Schiff explained that “Everybody has talked about a banking crisis” but “nobody wants to refer to it as a financial crisis.” He exclaimed: “No! This is a financial crisis. The 2008 financial crisis was also a banking crisis unless people forget it was the banks that were failing.” The economist stressed:

This is the cusp of the crisis. It’s going to get much much worse if you are going to try to dismiss it.

He compared the current crisis to the subprime mortgage crisis, noting that the Federal Reserve is saying: “It’s just a couple of banks. It’s just Silicon Valley Bank or Signature Bank or the other one that failed. That’s like when the subprime blowup first happened, nobody wanted to admit that it was a mortgage crisis. They just said: ‘Oh, it’s just contained to these handful of subprime mortgages. Don’t worry about it, nothing to see here, it’s no big deal, it’ll just blow right over … That’s exactly what they are saying now: ‘This is nothing, it’s no big deal.’” However, Schiff argued:

It is a big deal. It’s not nothing.

Regarding the likelihood of big banks failing, Schiff said: “Those banks are insolvent too. It’s just that they’re too big to fail so we won’t let them but that just means we have to print a lot of money to prevent them from failing.” Nonetheless, he cautioned that the Federal government rescuing depositors of Silicon Valley Bank and Signature Bank but not smaller banks “is going to create a run on these small banks,” emphasizing: “That’s going to create a huge problem.”

Commenting on the Fed minutes that were released on Wednesday, Schiff tweeted: “According to its recent minutes, the Fed no longer expects a soft landing, but a mild recession. What makes the Fed think the recession will be mild?” He continued:

Normally the Fed doesn’t forecast a recession. So if they can actually see this one coming, it likely means it will be massive.

Do you agree with Peter Schiff? Let us know in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 40,623.88
ethereum
Ethereum (ETH) $ 2,182.82
tether
Tether (USDT) $ 0.997963
bnb
BNB (BNB) $ 239.92
xrp
XRP (XRP) $ 0.611049
solana
Solana (SOL) $ 68.06
usd-coin
USDC (USDC) $ 0.986934
staked-ether
Lido Staked Ether (STETH) $ 2,182.78
cardano
Cardano (ADA) $ 0.531059
dogecoin
Dogecoin (DOGE) $ 0.093273
avalanche-2
Avalanche (AVAX) $ 36.18
tron
TRON (TRX) $ 0.10295
polkadot
Polkadot (DOT) $ 6.50
chainlink
Chainlink (LINK) $ 14.52
matic-network
Polygon (MATIC) $ 0.823316
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 40,632.89
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.998594
litecoin
Litecoin (LTC) $ 71.68
uniswap
Uniswap (UNI) $ 6.02
bitcoin-cash
Bitcoin Cash (BCH) $ 226.89
leo-token
LEO Token (LEO) $ 3.89
okb
OKB (OKB) $ 57.33
stellar
Stellar (XLM) $ 0.121833
monero
Monero (XMR) $ 168.73
ethereum-classic
Ethereum Classic (ETC) $ 19.73
cosmos
Cosmos Hub (ATOM) $ 9.58
true-usd
TrueUSD (TUSD) $ 0.997487
crypto-com-chain
Cronos (CRO) $ 0.096516
kaspa
Kaspa (KAS) $ 0.116493
immutable-x
Immutable (IMX) $ 1.96
hedera-hashgraph
Hedera (HBAR) $ 0.069087
internet-computer
Internet Computer (ICP) $ 5.11
near
NEAR Protocol (NEAR) $ 2.21
filecoin
Filecoin (FIL) $ 4.54
aptos
Aptos (APT) $ 7.65
optimism
Optimism (OP) $ 2.25
lido-dao
Lido DAO (LDO) $ 2.25
injective-protocol
Injective (INJ) $ 23.31
vechain
VeChain (VET) $ 0.026199
mantle
Mantle (MNT) $ 0.573634
bittensor
Bittensor (TAO) $ 307.09
thorchain
THORChain (RUNE) $ 5.75
elrond-erd-2
MultiversX (EGLD) $ 60.91
quant-network
Quant (QNT) $ 108.70
algorand
Algorand (ALGO) $ 0.187831
celestia
Celestia (TIA) $ 10.21
havven
Synthetix Network (SNX) $ 4.46
the-graph
The Graph (GRT) $ 0.155076
render-token
Render (RNDR) $ 3.82
binance-usd
BUSD (BUSD) $ 0.973406
arbitrum
Arbitrum (ARB) $ 1.08
aave
Aave (AAVE) $ 89.86
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,389.04
bittorrent
BitTorrent (BTT) $ 0.000001
blockstack
Stacks (STX) $ 0.899517
maker
Maker (MKR) $ 1,368.20
wemix-token
WEMIX (WEMIX) $ 3.45
flow
Flow (FLOW) $ 0.750672
kucoin-shares
KuCoin (KCS) $ 11.05
first-digital-usd
First Digital USD (FDUSD) $ 0.999653
the-sandbox
The Sandbox (SAND) $ 0.497517
theta-token
Theta Network (THETA) $ 1.03
terra-luna
Terra Luna Classic (LUNC) $ 0.000175
fantom
Fantom (FTM) $ 0.354047
ordinals
ORDI (ORDI) $ 45.23
bitcoin-sv
Bitcoin SV (BSV) $ 47.60
axie-infinity
Axie Infinity (AXS) $ 6.99
gala
GALA (GALA) $ 0.029902
decentraland
Decentraland (MANA) $ 0.478346
eos
EOS (EOS) $ 0.754331
neo
NEO (NEO) $ 11.61
iota
IOTA (IOTA) $ 0.269396
whitebit
WhiteBIT Coin (WBT) $ 5.65
mina-protocol
Mina Protocol (MINA) $ 0.793731
beam-2
Beam (BEAM) $ 0.017334
klay-token
Klaytn (KLAY) $ 0.236223
kava
Kava (KAVA) $ 0.755784
tezos
Tezos (XTZ) $ 0.85744
usdd
USDD (USDD) $ 0.989229
bonk
Bonk (BONK) $ 0.000011
bitget-token
Bitget Token (BGB) $ 0.486784
cheelee
Cheelee (CHEEL) $ 12.59
ecash
eCash (XEC) $ 0.000034
xdce-crowd-sale
XDC Network (XDC) $ 0.04798
frax-ether
Frax Ether (FRXETH) $ 2,182.54
frax
Frax (FRAX) $ 1.00
frax-share
Frax Share (FXS) $ 8.53
tokenize-xchange
Tokenize Xchange (TKX) $ 8.04
sui
Sui (SUI) $ 0.616337
helium
Helium (HNT) $ 4.37
chiliz
Chiliz (CHZ) $ 0.081834
pancakeswap-token
PancakeSwap (CAKE) $ 2.39
gatechain-token
Gate (GT) $ 4.55
conflux-token
Conflux (CFX) $ 0.170891
pyth-network
Pyth Network (PYTH) $ 0.403378
curve-dao-token
Curve DAO (CRV) $ 0.646081
illuvium
Illuvium (ILV) $ 96.28
apecoin
ApeCoin (APE) $ 1.60
pepe
Pepe (PEPE) $ 0.000001