Wall Street tycoon Peter Schiff warns that the dollar is about to collapse! People will be eager to get rid of the dollar

FXTFOREX, Sept. 14 - Wall Street mogul Peter Schiff has warned that there will be a "rush" to get rid of the dollar, predicting: "There will be a massive crisis that will throw the economy into chaos and people will feel the pain of the economy."

Wall Street mogul Peter Schiff warned of a "rush" to get rid of the dollar, predicting: "There will be a massive crisis that will throw the economy into chaos and the pain will be felt."

Peter Schiff, CEO and chief global strategist at Euro Pacific Asset Management, reiterated his warning about the imminent collapse of the dollar in an interview with David Rodriguez last week.

In response to a question about whether everyone is fleeing the dollar, Mr. Schiff said: "They will. Right now, it's kind of a trickle." However, he stressed: "Soon there will be a torrent of people rushing to get rid of the dollar."

A massive outflow of dollars, Schiff explained, will occur "because we have these deficits - budget deficits of more than $2 trillion a year - not only visible to the naked eye, but visible to the naked eye will be far more than $2 trillion, $3 trillion, $4 trillion."

"This is completely unsustainable during the next official recession," he warned. "When unemployment spikes again, the deficit will be $4 trillion, $5 trillion a year. We now have almost $33 trillion of national debt and interest on debt is now the third largest item in the government budget."

The Schiffs added: "By next year, interest on the debt will be the government's biggest expense... Eventually, it will be our only expense. If this continues, we won't have any money left over other than interest, and obviously we can't get to that point."

"Long before we get to that point, there's going to be a massive crisis and, you know, it's going to throw the economy into chaos and people are going to feel the pain of the economy," he predicted.

Schiff also pointed out that many countries around the world are abandoning the dollar and using their own currencies in international trade, such as the BRICS countries.

He stressed that the U.S. use of the dollar as a weapon through sanctions, such as freezing Russia's dollar reserves, is a huge wake-up call for every country in the world. It sends a message: 'Don't use dollars or you'll be in a very vulnerable position because the U.S. could punish you for using dollars.' "

Mr. Schiff has repeatedly warned about the US economy and the dollar. "He recently said the collapse of the dollar was" inevitable "given the trajectory of US government deficit spending and advised people to withdraw from the dollar now.

"If Americans think the economy is bad right now, just wait and see," Mr. Schiff warned. "Once the dollar collapses, inflation and interest rates will rise sharply. This will plunge the economy deeper into recession, leaving many people unemployed. This is true Bidenomics."