Economist Peter Schiff advises to "get out of the dollar"

Economist Peter Schiff has warned that the Fed is wrong on its recession outlook and advises everyone to get out of the US dollar. He clarified that the USD is being destroyed, insisting it was losing purchasing power. ” Rather than fighting inflation, the Fed fueled the fire “, did he declare.

CNBC YouTube channel reporting Jerome Powell’s comments.

The US dollar is being destroyed according to Peter Schiff

In recent days, economist and speculator Peter Schiff has repeatedly commented on the situation of the declining US dollar. Statements following the announcement by the Federal Reserve of a rising interest rates of 25 basis points. On this occasion, Jerome Powell, Chairman of the Fed, declared that the institution for which he is responsible does not did not predict more recession for the US economy. To which Schiff responds by stating:

The Fed is wrong about its recession outlook. We are going to have a recession. In fact, it’s going to be serious… Inflation will get worse, not better. » « The real rate of inflation, however the government wants to twist it…is above five percent added the economist.

On the particular issue of rate cuts, Schiff says, “ Powell just admitted that the Fed will start cutting rates long before inflation drops to 2%. This is a big admission that is bullish for gold and bearish for the dollar and treasuries. »

What exit route for investors?

Is the economist paving the way for massive investments in cryptocurrencies and in particular bitcoin? In any case, he did not clearly ask to invest in crypto-assets. Instead, he says: You want to be in anything that is inflation sensitive“, he continued. “It’s basic materials, it’s energy, it’s agriculture… You want to be in investments that are going to benefit from the market being surprised by much higher than expected inflation and rising interest rates. long-term interest much higher than expected. »

Even a few months ago, Schiff was already predicting the fall of the dollar, asking everyone to abandon it. He also predicted that banks would fail. But for crypto enthusiasts, what matters most is how cryptos will fare.

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