It is going to be awful. Do you remember the financial crisis of 2008? You think that was bad? This is going to be worse. But it will not necessarily be concentrated in the stock market. I think that the Government, the Federal Reserve, their main goal is to make sure that the stock market does not collapse again, to make sure that the real estate market does not collapse again. And they may succeed but only by sacrificing the U.S. Dollar.
We are going into a currency crisis and this crisis will be much bigger than the financial crisis. The impact it is going to have on the average American, on their standard of living is going to be much more pronounced. (iShares Dow Jones US Real Estate (ETF) (IYR), Nasdaq 100 Index ETF (QQQ), SPDR S&P 500 Index ETF (SPY), iShares Russell 2000 Index ETF (IWM), SPDR Gold Trust ETF (GLD))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
- ► 2017 (114)
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- The Gold Trade
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