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US economy heading for almighty crash, stockbroker says

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As inflation continues, the United States is heading for a massive economic crash, according to stockbroker Peter Schiff.

Schiff, who is chief economist and global strategist at Euro Pacific Capital, took to Twitter on Thursday to voice his forecast for the U.S. economy.

Many people have finally given up on the idea of ​​a soft landing and now expect a hard landing. But they still don’t understand. The only possible landing is a crash, where everyone on board dies. This is why the #Fed won’t even try to land and drop its so-called fight against #inflation.

— Peter Schiff (@PeterSchiff) June 16, 2022

“A lot of people have finally [given up] on the idea of ​​a soft landing, and now expect a hard landing,” he tweeted. “But they still don’t get it. The only possible landing is a crash, where everyone on board dies. That’s why the #Fed won’t even try to land and drop its so-called fight against #inflation.”

In follow-up tweets, Schiff also took issue with those who claimed he hadn’t accurately predicted an economic crisis in America over the past 10 years.

Those who claim I was wrong about #inflation for ten years, so I’m just a stopped clock, still don’t get it. I was right for ten years. I just warned early. It was those who claimed that inflation was not a problem, or worse that it was too low, who were wrong for ten years!

— Peter Schiff (@PeterSchiff) June 16, 2022

“Those who claim I was wrong about inflation for ten years so I’m just a stopped clock still don’t get it,” he tweeted. “I was right for ten years. I just warned early. It was those who claimed that inflation was not a problem, or worse that it was too low, who were wrong for ten years. “

In another tweet, he added, “The political reality is that the US economy will be in a severe recession by the midterm elections in November and it will still be in the same recession by the 2024 general election. The main difference is that in 2024 inflation and recession will be even worse.”

The political reality is that the US economy will be in a severe recession during the November midterm elections and will still be in the same recession during the 2024 general election. The main difference is that in 2024 the ‘#inflation and the #recession will be even worse!

— Peter Schiff (@PeterSchiff) June 16, 2022

President Joe Biden has dismissed the idea that a recession is inevitable. In an interview he gave to The Associated Press and published on Friday, he also added that high inflation was not his fault.

Biden reportedly became somewhat defensive when asked about inflation, which rose to an annualized rate of 8.6% in May, and is now at its highest level in 40 years after falling slightly in april.

The president pointed to the fact that other countries are also experiencing inflation (although the US annualized rate is one of the highest in the world), and he also touted low unemployment numbers.

The US unemployment rate is currently 3.6%, while Japan’s is 2.3%, Germany’s is just under 3% and the UK’s is just over 4%.

“They shouldn’t believe a warning,” Biden said as he pondered the future of the US economy.

“They should just say, ‘Let’s see. Let’s see what is correct. And from my perspective, you talked about a recession. First, it’s not inevitable,” Biden added. “Second, we’re in a stronger position than any nation in the world to overcome this inflation. It’s bad. Isn’t that rather interesting?”

“If it’s my fault, why is it the case in all the other major industrial countries in the world that inflation is higher?” Biden asked.

“Are you wondering this? I’m not a sage. Someone should be asking this question. Why? Why? If it’s a consequence of our spending, we’ve reduced the deficit. We’ve increased employment, increased Pay.”

A leading stockbroker said he believes the US economy is heading for a crash. Getty

Sources

1/ https://Google.com/

2/ https://www.newsweek.com/u-s-economy-crash-recession-inflation-cash-stock-broker-peter-schiff-prices-joe-biden-1716831

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