Peter Schiff, veteran stock broker and CEO of Euro Pacific Capital, predicts that although aspects of the forthcoming financial crisis will seem familiar, it will be even more devastating than the crash of 2008.
As reported by RT News, he claims that the imminent devastation is due to the fact that “Unfortunately, no lessons were learned from the last crisis. We repeated, and expanded all the mistakes that caused the last crisis, ensuring the next one will be much worse.”
According to Schiff, the similarities we’ll see will be that the government will be responsible, that capitalism will be blamed, and that no one will see the storm coming. The differences will be the central issues and the severity of the consequences. Rather than being centered around mortgage debt, the rise of the dollar, and the fall of gold, the new crisis will be centered around the U.S. Treasury debt and will, in contrast, result in the rise of gold and the fall of the dollar.