As the Fed continues to remove the punch bowl via rate hikes and its balance sheet unwind, recessionary signs of popping of everywhere. The next recession may have arrived in October after year-to-date RV shipments declined year-over-year. A flat yield curve another ominous sign of recession. Now Euro Capital CEO Peter Schiff is predicting another financial crisis:
Euro Pacific Capital CEO Peter Schiff tells FOX Business that investors are too complacent and instead should be fearing a looming recession that will hit the U.S. economy.
“There is going to be another financial crisis. The next recessions is going to be much worse than the last one,” he said during an interview on “Countdown to the Closing Bell.” …
Schiff, a staunch critic of the Federal Open Market Committee, said the Fed will return to a zero interest rate policy, a move he describes as over extended and never should have taken place.
“The minute [the Fed] did that, they doomed the economy and now we’re going to have to reap the whirlwind of what they sow,” he said.
Schiff’s assertions sound eerily similar to Ralph Baker’s Shock Exchange: How Inner-City Kids From Brooklyn Predicted the Great Recession and the Pain Ahead, arguably the most important book on economics since the Great Depression.