Peter Schiff, a well-known economist and supporter of gold, expressed growing worries about the health of the U.S. dollar in a most recent in-depth interview, predicting that it will be a “massive crisis” that will “throw the economy into a tailspin.”
In the discussion with David Rodriguez, Schiff discussed the rising debt and escalating annual expenditures of the US government and predicted a gloomy future for its fiat currency as an outcome.
There will “be an upsurge before a while where there’s an urge to get out of the dollar,” according to Schiff, who advised investors to get out of the U.S. dollar. The U.S. national debt has grown to more than $33 trillion, and according to Schiff, the effects of this will soon be felt as interest on the debt overtakes all other government spending.
According to Schiff, at the end of the fiscal year, “the interest on the debt will be the highest expenditure the government has… It will ultimately become the only expenditure we have.