Economist warns coming financial crisis will make 2008 look like 'Sunday school picnic'

[mystery-ak]

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

[catfish1957]

Let's never forget that Silver and Gold are fixed benchmarks of economic value.  As a benchmark, they really never ever go up or down.   It's everything else that compares in conversion that tells the actual worth of the money, equity, bond, parcel of land, and everything else of value

This extreme run up in metals is very alarming, and from my POV, we are (might) be finally seeing the fall out of decades of wreckless fiscal policy ($38T)  Does anyone on earth think that 125% Debt to GDP ratio is sustainable for the reference economy of the world?  Our enemies have gathered around the BRICS table and are waiting us out.  And I don't blame them.  No accident all of their's are under 100%.

Secondly, has anyone else noticed that Japan's ratio is 237%.  I don't see how they are not seeing a bond meltdown at this point, 

[Free Vulcan]

All I can say is think Amish.

[cato potatoe]

Secondly, has anyone else noticed that Japan's ratio is 237%.  I don't see how they are not seeing a bond meltdown at this point,

Japan has been "a bug in search of a windshield" for the longest time.  90% of their debt is self-owned, however, and half of it by the Bank of Japan.

[DefiantMassRINO]

Silver is down 25% so far today.  Gold is down 8%.

The Government won't stop overspending until nobody shows up to Treasury auctions.  As long as there is demand for US treasuries, the Government will keep spending future money, in the present, like there is no tomorrow.

To fight structural inflation, we need to improve efficiencies and increase competition in over-consolidated industries.