Economist Peter Schiff has compared the attack on Israel to the September 11th terrorist attacks on the United States, stating that it is “the beginning of a bad situation.” In a discussion about various factors affecting the US economy, Schiff highlighted the potential economic consequences of the conflict in the Middle East. He warned that the US economy, which he described as “already structurally weak,” cannot afford peace, let alone war.
Schiff emphasized that wars are expensive, diverting resources and adding to fiscal deficits. He cautioned that the impact of the situation in the Middle East would weaken the US economy further. Additionally, he predicted that the Federal Reserve would not raise interest rates amid the uncertainty and potential for conflict, suggesting that they may even have to cut rates. Schiff has been consistently warning of a future financial crisis and the collapse of the US dollar, believing that the current policies of the Fed will lead to inflation and the implosion of the economy.
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