{"id":19833,"date":"2023-04-14T01:50:50","date_gmt":"2023-04-14T01:50:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/peter-schiff-says-banking-crisis-not-over-much-worse-financial-crisis-incoming-warns-of-massive-recession-economics-bitcoin-news\/"},"modified":"2023-04-14T01:50:50","modified_gmt":"2023-04-14T01:50:50","slug":"peter-schiff-says-banking-crisis-not-over-much-worse-financial-crisis-incoming-warns-of-massive-recession-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/peter-schiff-says-banking-crisis-not-over-much-worse-financial-crisis-incoming-warns-of-massive-recession-economics-bitcoin-news\/","title":{"rendered":"Peter Schiff Says Banking Crisis Not Over, Much Worse Financial Crisis Incoming \u2014 Warns of ‘Massive’ Recession \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Economist Peter Schiff has cautioned that the present banking crisis is the cusp of a much worse financial crisis. \u201cIt\u2019s going to get much much worse if you are going to try to dismiss it,\u201d he stressed. Citing the Federal Reserve\u2019s recession forecast, he warned: \u201cNormally the Fed doesn\u2019t forecast a recession. So if they can actually see this one coming, it likely means it will be massive.\u201d<\/strong><\/p>\n

Peter Schiff on Banking Crisis, Financial Crisis, and Recession<\/h2>\n

Gold bug and economist Peter Schiff warned in a recent interview on Trader TV Live that the current banking crisis is not over and a much worse financial crisis will follow.<\/p>\n

Schiff explained that \u201cEverybody has talked about a banking crisis\u201d but \u201cnobody wants to refer to it as a financial crisis.\u201d He exclaimed: \u201cNo! This is a financial crisis. The 2008 financial crisis was also a banking crisis unless people forget it was the banks that were failing.\u201d The economist stressed:<\/p>\n

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This is the cusp of the crisis. It\u2019s going to get much much worse if you are going to try to dismiss it.<\/p>\n<\/blockquote>\n

He compared the current crisis to the subprime mortgage crisis, noting that the Federal Reserve is saying: \u201cIt\u2019s just a couple of banks. It\u2019s just Silicon Valley Bank or Signature Bank or the other one that failed. That\u2019s like when the subprime blowup first happened, nobody wanted to admit that it was a mortgage crisis. They just said: \u2018Oh, it\u2019s just contained to these handful of subprime mortgages. Don\u2019t worry about it, nothing to see here, it\u2019s no big deal, it\u2019ll just blow right over \u2026 That\u2019s exactly what they are saying now: \u2018This is nothing, it\u2019s no big deal.’\u201d However, Schiff argued:<\/p>\n

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It is a big deal. It\u2019s not nothing.<\/p>\n<\/blockquote>\n

Regarding the likelihood of big banks failing, Schiff said: \u201cThose banks are insolvent too. It\u2019s just that they\u2019re too big to fail so we won\u2019t let them but that just means we have to print a lot of money to prevent them from failing.\u201d Nonetheless, he cautioned that the Federal government rescuing depositors of Silicon Valley Bank and Signature Bank but not smaller banks \u201cis going to create a run on these small banks,\u201d emphasizing: \u201cThat\u2019s going to create a huge problem.\u201d<\/p>\n

Commenting on the Fed minutes that were released on Wednesday, Schiff tweeted: \u201cAccording to its recent minutes, the Fed no longer expects a soft landing, but a mild recession. What makes the Fed think the recession will be mild?\u201d He continued:<\/p>\n

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Normally the Fed doesn\u2019t forecast a recession. So if they can actually see this one coming, it likely means it will be massive.<\/p>\n<\/blockquote>\n

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Peter Schiff<\/a>, Peter Schiff bank failures<\/a>, Peter Schiff banking crisis<\/a>, Peter Schiff crisis<\/a>, Peter Schiff Fed<\/a>, Peter Schiff Fed forecast<\/a>, Peter Schiff Fed recession<\/a>, Peter Schiff financial crisis<\/a>, Peter Schiff inflation<\/a>, Peter Schiff massive recession<\/a>, Peter Schiff recession<\/a><\/div>\n<\/div>\n

Do you agree with Peter Schiff? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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