Economist Peter Schiff has warned of an impending collapse of the U.S. dollar even though he sees Fitch’s downgrade of the U.S. rating this week as “meaningless.” While cautioning about a financial crisis and a crash, Schiff emphasized: “Given the trajectory of U.S. government deficit spending, a dollar collapse is inevitable.”
Schiff on US Rating Downgrade, Crash, Dollar Collapse
Economist and gold bug Peter Schiff warned of a U.S. dollar collapse and the challenges faced by the U.S. economy in a series of tweets this week. His warnings come after Fitch Ratings downgraded the United States’ long-term foreign-currency issuer default rating from AAA to AA+. Fitch is one of the three largest credit rating agencies in the U.S.
Noting that “Fitch downgrading U.S. Treasuries to AA+ from AAA is meaningless, as Treasuries are junk bonds,” Schiff tweeted on Wednesday:
When it comes to rating sovereign credit, the primary risk is currency depreciation, not default. Given the tra
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