Economist and gold advocate Peter Schiff discussed his economic views to discuss the fragile state of the U.S. economy, the future of gold, and why today’s financial system is unsustainable. In an interview with Francis Hunt on The Market Sniper.

Schiff critiqued the government’s and Federal Reserve’s failure to learn from past mistakes, particularly the 2008 financial crisis. He opined:

The problem is that after we got the financial crisis, the government didn’t learn from its mistakes at all. The Federal Reserve didn’t acknowledge any role in creating the crisis and it simply did more of what caused it.

He warned that the economy is now in a worse position, with higher debt levels and a more extensive bubble. “We have far more debt now than we had in 2008. We have a much bigger bubble that encompasses a lot more than just residential housing, and we’re on the precipice of a much greater economic crisis from which there could be no bailouts.”

As for the future, Schiff emphasized the urgent need to let the “phony economy” collapse in order to return to a more stable system. However, he acknowledged this process would be painful.

The gold advocate stressed:

The only way to get back to a real economy is to allow the phony economy to die. But that means a lot of people lose a lot of money. But the alternative is they lose even more because then nobody loses their money, but the money loses its value.

Schiff added that if inflation continues unchecked, people may get their Social Security checks, but they “just can’t buy anything when they take the money to the store.”

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