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Economist Predicts Financial Crisis On The Horizon

Economist Peter Schiff blames the Federal Reserve and government regulations for what he believes will be a crisis worse than the economy experienced in 2008.

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The great recession of 2008 is still fresh in the minds of U.S. business leaders, but economist and CEO of Euro Pacific Capital Peter Schiff forecasts that an even deeper financial crisis will hit the U.S. economy ’soon.’

’I called that crisis in '08 long before '08 because I understood the policy mistakes that the Fed was making that led to the conditions that created that crisis, and unfortunately, the Federal Reserve did not learn from their mistakes and they repeated them in an even bigger way,’ said Schiff. ’And so the crisis that is coming is going to be much worse than the one that has passed.’

Schiff recommended that businesses focus their efforts ’offshore’ in the coming years, where he said the ’winners’ of this financial crisis will be. He said the only remedy to the American economy would be ’a major change in the political landscape.’

’Businesses are too busy trying to survive regulators,’ Schiff said. The economist said government regulations hinder American businesses from thriving in the global economy.

When will this next crisis strike?

’You’ve got to be prepared,’ Schiff said. ’Is it tomorrow? Probably not. Is it next week, next month? Probably not. But soon it’s going to happen, whether it’s in 2016 or 2017 -- maybe we make it to 2018.’


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