The final revised data released by the U.S. Department of Commerce on the 29th showed that the U.S. real gross domestic product fell by 1.6% on an annual basis in the first quarter of 2022, a decrease of 0.1 percentage point from the previously released revised data. American economist Peter Schiff warned that the United States will face an economic crisis more serious than the "Great Recession" in 2008.
According to the US " News Weekly " report on the 29th, Peter Schiff said in an interview that he expected the US economy to fall into a Great Recession. "The US government will be forced to admit that the seemingly hot economy will actually continue throughout this year. Recession, with high inflation and more interest rate hikes, things will only get worse."
Peter Schiff said that if you pay attention to GDP , you will find that the Fed is not saying anything about the market. It cannot reflect the full picture of economic problems. He said that when signs of economic recession appeared in 2007, the Federal Reserve did not face reality honestly until the following year; during the 2020 COVID-19 epidemic, the U.S. government "printed a large amount of money" to stimulate, while many citizens did not have jobs, encouraging people to remain unemployed. The policy of spending money is "stupid". He accused the Fed of still choosing to lie even when the economy was in another recession, and believed that the Fed's credibility would take another major blow.
Federal Reserve Chairman Powell said at a Senate hearing last week that the inflation rate will be reduced to 2%, but Peter Schiff believes that this number will not be reduced at all, "not even close."
"People don't know how bad the situation will get," Peter Schiff said. In the future, the United States will either have a large-scale recession crisis or face out-of-control inflation , and out-of-control inflation will lead to hyperinflation. swell. "We have been on an unsustainable path, and now it has come to an end."
Source: Overseas Network
