ChainCatcher news, according to Bitcoin.com, economist and gold advocate Peter Schiff warned that restoring the real economy requires the collapse of the "false economy", which will cause many people to suffer significant financial losses. He also emphasized that the alternative is worse because it will lead to currency depreciation. Schiff criticized the policies of the government and the Federal Reserve, especially after the 2008 financial crisis, and warned that today's debt-driven economic bubble is bigger than ever before. He pointed out that after the financial crisis, the government did not learn its lessons, and the Federal Reserve did not acknowledge its role in the crisis, but continued to take measures that led to the crisis.
Schiff believes that the current economic situation is more severe, with higher debt levels and larger bubbles. He said: "We are now in much greater debt than in 2008, the bubble is bigger, and it involves more than just residential housing. We are on the verge of a bigger economic crisis, and this crisis may not have rescue measures." For the future, Schiff emphasized that the "false economy" must collapse in order to return to a more stable system, and he also admitted that this process will be painful.
