Economist and gold bug Peter Schiff is back with gloomy economic predictions in a series of posts on social media platform X. He wrote on Tuesday:

The U.S. dollar is on the verge of a historic crash. This will be a game changer for the Fed and the economy, as it will send inflation, interest rates, and unemployment soaring. Forget about a soft-landing. It’s crash & burn.

He added: “The U.S. dollar is toast. As inflation heats up, to avoid getting burned the world will turn to gold as the most viable alternative.”

On Wednesday, the economist explained on X: “The U.S. economy is already in recession. Though Q3 GDP grew by 5.2%, government spending contributed 5.5%. So without that spending, GDP would’ve contracted by .3%. Government spending borrowed money doesn’t reflect real economic growth. It will only lead to higher inflation.”

In another post on Wednesday, Schiff detailed: “Bonds are rallying on the Fed’s Beige Book acknowledgment that the economy is slowing. Bond investors should be careful what they wish for.” He continued:

The economy is weaker than the Fed thinks and the result will be larger budget deficits and higher inflation.

Schiff has consistently raised concerns about the U.S. economy and the fall of the U.S. dollar. In October, he stated: “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He cautioned that individuals holding U.S. dollars would face significant losses. Furthermore, the economist has warned of the potential for a severe recession, an inflationary depression, an “unprecedented” financial crisis, and a tragic ending. In September, he said a “massive crisis” will lead to a rush to exit the U.S. dollar.

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