Peter Schiff warns that the U.S. dollar will crash and 'We're going to default.' recession inflation
“threatened to send British debt to GDP even higher,” the economist described, noting that “investors rightly dumped the pound.” However, he added: “They sold pounds for dollars … The irony is they were buying dollars despite the fact that the United States has an even bigger debt problem.”
Schiff stressed that it is ridiculous that people bought U.S. treasuries as a safe haven, adding that it is also absurd to sell a country’s currency due to debt problems and buy dollars when the U.S. has even more debt. Schiff continued: “The honest way is just to admit that we can’t pay and we default. We restructure the debt and we tell our creditors.” However, he believes that politicians do not have the integrity to do it, noting:
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