January 28, 2026 11:17am EST
Economist warns coming financial crisis will make 2008 look like 'Sunday school picnic'
Peter Schiff says the gold rally signals looming dollar collapse
By Kristen Altus FOXBusiness
As gold prices keep rising, American economist Peter Schiff says investors should view the rally as more than a hedge — calling it a warning that inflation is speeding up, the U.S. dollar is losing global trust and a major economic reckoning may be near.
"Gold and silver are warning about a bigger crisis that's gonna hit either later this year or maybe next year. We are headed for a U.S. dollar crisis and a sovereign debt crisis," Schiff said Tuesday afternoon on "The Claman Countdown."
"Central banks are buying gold to back up their currencies. They're getting rid of dollars. They are getting rid of Treasuries," he continued. "We are headed for [an] economic crisis, again, that will make the 2008 financial crisis look like a Sunday school picnic."
Independent Women’s Forum senior policy analyst Carrie Sheffield told Fox News Digital on Wednesday that some commentators "like to make a play for TV time with loud forecasts" that often don’t match reality.
The stockbroker opened his initial argument by claiming that the federal government is the primary reason gold has reached an all-time high price because the U.S. dollar is "at an all-time record low."
Sheffield also noted that inflation remained far lower under former President Trump’s policies than during the Biden administration, citing Bureau of Labor Statistics data showing stronger growth and steadier prices in 2025.
"During President Trump's second term, Bureau of Labor Statistics data show inflation averaged 2.7%. This compares to 5.0% during the Biden administration and just 1.9% during the first Trump administration. Thanks to smart tax, regulation and energy policies, America saw a phenomenal 4.4% GDP growth in the third quarter of 2025 and the Atlanta Fed showing 5.4% growth in the fourth quarter of 2025," she said.
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https://www.foxbusiness.com/economy/economist-warns-coming-financial-crisis-make-2008-look-like-sunday-school-picnic
