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Economist Peter Schiff has warned that the United States is heading toward an economic collapse far more severe than the 2008 financial crisis. According to the gold bug, the decline is likely to emanate from sharp movements in precious metals, shifting global monetary dynamics, and growing vulnerabilities in the U.S. dollar and sovereign debt, he said during an interview with David Lin. Schiff stated that the recent rally in gold and silver signals a growing loss of confidence in the current monetary system, as central banks cut exposure to the U.S. dollar and boost gold reserves. He argued this reflects a repricing toward a new monetary order in which gold re-emerges as a key reserve asset, undermining the dollar’s long-standing dominance. At the same time, he cautioned that losing reserve currency status would deal a major blow to the U.S. economy, which he says has relied on its exorbitant privilege to sustain trade deficits, heavy borrowing, and credit-driven growth.  As those imbalances unwind, Schiff expects the economic structure to collapse under its own weight. U.S. only economic crash  Unlike the 2008 crisis, which spread rapidly across global markets, Schiff believes the coming downturn will be largely concentrated in the United States. He characterized it as a U.S. dollar and sovereign debt crisis, arguing that while America’s standard of living would decline sharply, other regions could benefit. “This is going to be a massive economic collapse, much bigger than the ’08 financial crisis for America. It’s not going to be global. It’s going to be a US crisis. It’s going to be a US dollar and a US sovereign debt crisis. That’s a positive for the rest of the world because the purchasing power that Americans lose, the rest of the world gains,” Schiff said.  As U.S. purchasing power weakens, the…

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Filed under: News - @ February 1, 2026 12:29 pm