Economist Peter Schiff warns of imminent bank failures and advises investors to move their money.
Economist Peter Schiff warns that banks are in trouble, and no one’s money is safe. Schiff explains that the government enabled banks to invest in low-yielding securities, leading to many banks carrying too much risk. The Federal Deposit Insurance Corporation (FDIC) is considering changing the coverage for regional banks after several large banks failed. Schiff suggests that the FDIC should be abolished and that the free market should handle banking.
Schiff believes that the US banking industry has been socialized, with the government and Federal Reserve manipulating interest rates and printing money. This policy leads to inflation and financial crises. He thinks the Fed will have to unleash so much inflation to prop up banks and the US government that it will lead to runaway inflation. He advises investors to get out of the dollar and banks and invest in real assets like gold, silver, or foreign stocks.
Clever Robot News Desk 11th May 2023
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