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Home Economy

The U.S. Economy Is In an Inevitable Death Spiral | Peter Schiff and Jesse Kelly

The U.S. appears to be heading towards an economic crisis due to high inflation, rising interest rates, excessive government spending, and the potential collapse of the dollar

by clnews
September 26, 2023
in Economy
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Source: Peter Schiff

Peter Schiff and Jesse Kelly say the United States is heading towards an economic crisis due to high inflation, rising interest rates, excessive government spending, and the potential collapse of the dollar, which will lead to a shift towards gold as the primary monetary reserve asset and force the US to restructure its economy.

1. Inflation is high and interest rates may increase due to government response to the 2008 financial crisis, with concerns that continued spending will worsen inflation in the future and politicians won't stop spending.
2. Rising interest rates contribute to higher consumer prices, causing household income to decrease, and unless behavior changes, this economic spiral will continue.
3. The speaker predicts a tragic ending with a dollar crisis and sovereign debt crisis as the Fed continues to print money until the dollar collapses, with the world already trying to divest itself of the dollar.
4. The movement away from the US dollar and inflation will lead to a currency crisis as the dollar falls, prices rise, and pressure to print more money accelerates.
5. Gold will replace the dollar as the primary monetary reserve asset, leveling the playing field and making it difficult for the United States to continue living beyond its means.
6. The global economy, which has been propped up by the US consumer-based spending economy, is going to collapse as the world moves away from the dollar, forcing the US to reinvent its economy by focusing on saving and producing.
7. Look at historical examples like Argentina, Zimbabwe, Venezuela, Germany, France, and the Mississippi bubble to see how nations have dealt with runaway inflation and hyperinflation.
8. The government has accumulated a massive debt of $33 trillion, with additional unfunded liabilities, leading to an inevitable economic disaster that can only be resolved through inflation, which will ultimately devalue savings, assets, and wages.

Tags: economic forecastEconomic OutlookEconomic Outlook for the United Statespeter schiffProjections for the US EconomyUS economy forecast
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