So, Peter Schiff—the man who treats gold like it’s his soulmate—has thrown down the gauntlet: the U.S. economy is doing the economic equivalent of a faceplant, with debt ballooning, inflation throwing a tantrum, and banks wobbling like your Aunt Mabel after three G&Ts.
Peter Schiff Predicts a Recession So Deep It Makes the Great Depression Look Like a Sunny Picnic
On April 18, during a chat on the Schwab Network, our favorite doom prophet warned that America’s money-making machine might just sputter out in spectacular fashion.
His culprit? Trump’s tariffs, which he says turned a mild economic sniffle into full-blown fiscal flu. According to Peter, “This recession Trump inherited? Already terrible. Thanks to those tariffs? It’s about to get worse than your Monday mornings.”
“Brace yourselves—it might be the worst recession since the Great Depression. Yup, worse. Grab your popcorn.”
He wasn’t done: “Think 2008 financial crisis? Pfft. This one’s likely going to have a financial meltdown with extra cheese on top.” 🍿
On the bright side? Employment numbers are “just smoke and mirrors,” as Schiff puts it. Apparently, all those new jobs are part-time gigs held together with duct tape and caffeine because one paycheck just doesn’t cover avocado toast anymore. Americans are playing employment Tetris, juggling multiple jobs and credit card debt just to keep the lights on.
And thanks to those pesky tariffs hiking prices on imported goods, retail is about to go from “Open” to “Closed because heartbreak.”
“Layoffs, bankruptcies, defaults—retailers won’t know what hit ’em.”
He also mentioned capital fleeing U.S. assets faster than you can say “sell everything,” pushing interest rates up and inflation creeping like an unwanted in-law. The old magic trick of offshoring inflation doesn’t work anymore; now it’s hitting Main Street, whether you’re wearing Prada or flip-flops. 🚶♂️🚶♀️
As for Trump, Schiff’s verdict: “Doing worse than even my dismal expectations.” If the Federal Reserve goes back to printing money like it’s Monopoly cash, Schiff warns the dollar could nose-dive 20-30% faster than your favorite tech stock on earnings day. 🤑
“Every bank in this country is basically a sitting duck. Recession plus rising interest rates? Game over.”
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2025-04-20 04:28