Peter Schiff Warns About All Banks Failing
In a recent interview on the David Lin show, economist and gold bug Peter Schiff expressed his concerns about the state of the U.S. economy and the looming banking crisis. He highlighted the fragility of the banking sector, attributing it to the accumulation of long-term, low-yielding debt over the past decade. Schiff also pointed out that the collapse of major banks earlier this year has made people realize that the government may not fully cover all bank deposits in case of a failure, especially if the amount exceeds the FDIC insurance limit. This has led to a significant run on these banks and an increased risk of their failure.
Here are the key points from Peter Schiff’s warning:
- The banking sector is insolvent due to the accumulation of long-term, low-yielding debt.
- Major bank collapses have raised concerns about the government’s ability to fully cover bank deposits.
- Customers of small, regional, or community banks with large accounts are advised to withdraw their money.
- The government may have to resort to massive inflation to bail out the banks, which would destroy the value of deposits.
- No matter what happens, people are likely to lose a significant amount as the banking crisis unfolds.
According to Schiff, the Federal Reserve has already lost the inflation fight, although the markets have not realized it yet. He believes that the central bank has effectively destroyed the banking system, and Fed Chair Jerome Powell is showing signs of concern about a potential financial crisis. Schiff also warns of a U.S. dollar crisis and the national debt spiraling out of control.
In conclusion, both Peter Schiff and Robert Kiyosaki have sounded the alarm about the possibility of more bank failures in the near future. It is important for Lolacoin readers to be aware of the risks and take necessary precautions to protect their deposits.
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