Economist Peter Schiff joined The Alex Jones Show on Monday to warn Americans to prepare for an inflationary depression set to dwarf past financial crises.
Schiff told Alex Jones that high inflation and the economic slowdown will be even more severe than the “stagflation” crisis of the 1970s.
“It’s not going to be that benign this time. What happened in the ’70s is like a Sunday school picnic compared to what we’re going to go through because we’re in much worse shape economically than we were then,” Schiff said.
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“So if it’s stagflation, the stagnation is much worse — more like depression — and the inflation is much higher. So we’re going to get all the bad things of the ’70s, only on steroids.”
Schiff also explained that gold is set to keep climbing in price since the Federal Reserve is refusing to raise interest rates to the higher levels necessary to fight inflation.
“I think the explosion is yet to come, because most people aren’t even buying gold yet,” he said. “They don’t even realize that they need to because most people believe the false narrative that inflation is going to come back down to 2%, and that all the Fed has to do is hold off on the rate cuts for a little bit longer and just let the inflation rate come down.”
“But that’s completely false. We’re not going anywhere near 2%,” he continued. “We’re going in the other direction and we’re going to accelerate, and the markets have still not yet come to terms with the reality that high inflation is here to stay, and it’s gonna get worse.”
“Most of the reports that you look at show that just since the beginning of the Biden administration, the cost of living is up about 30 or 40%. Now, that is a huge increase. And it really amounts to a tax to cover the increased cost of government spending,” Schiff said.
“That’s why Americans are struggling. That’s why Biden is the most unpopular president in the history of popularity polls, and Harris is the most unpopular vice president.”
“The savings rate has imploded. Credit card debt is at an all-time record high. And more Americans than ever before are forced to moonlight. People are working second and third jobs because that’s the only way to pay the bills. They can’t cover the rent, put food on the table, and pay their electric bill on one job anymore, because the value of their paycheck has bene eviscerated by inflation, so now they have to take two or three jobs.”
“And then you have Joe Biden bragging about all those jobs he created when all those people who have them would prefer not to,” he added.
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