Economist Peter Schiff Predicts Inevitable U.S. Dollar Collapse Amidst Fitch’s Rating Downgrade

Economist Peter Schiff has issued a stark warning about an imminent U.S. dollar collapse, regardless of his view that Fitch’s recent downgrade of the U.S. rating is of little significance.

In a series of tweets, Schiff cautioned against an impending financial crisis and market crash, underlining that the ongoing trajectory of U.S. government deficit spending makes a dollar collapse inevitable. Schiff’s concerns emerged following Fitch Ratings’ decision to lower the U.S.’s long-term foreign-currency issuer default rating from AAA to AA+. While labeling the downgrade as “meaningless,” he emphasized that the primary risk lies in currency depreciation rather than default.

Schiff also highlighted the potential consequences of soaring national debt, emphasizing that hyperinflation could be tantamount to default. He further expressed apprehension about the U.S. economy, foreseeing a crash driven by escalating Treasury yields, resulting in larger federal budget deficits, a weaker economy, and other adverse impacts.

Clever Robot News Desk 7^th August 2023