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what if you could see the future of our economy imagine knowing what's coming and being able to prepare before anyone else let's take a moment and look into the future together before we begin remember to like this video And subscribe for more economic updates these days when I speak to people they tell me the same thing about 2025 anything can happen but one Economist doesn't agree he sees a very specific future and gold is in the center of it Peter Schiff isn't just any Economist in 2008 While most experts were blind to what was coming Schiff stood firm and predicted the housing market collapse he wasn't just right he was one of the few who saw the warning signs and sounded the alarm fast forward to today shift's looking into the future once again this time his focus is on gold why because the warning signs are everywhere Rising debt inflation that is far from under control an economy that feels like a house of cards with unpredictable geopolitical tensions around the world during a recent appearance at the New Orleans invest investment conference Schiff explained war is generally good for gold not just because of the uncertainty and people buying it as a safe haven but Wars are inflationary because they're ultimately financed by money Printing and so the more inflation central banks create to fund Wars the higher the price of gold the world often feels like it's on fire and maybe that's why geopolitical risk dominate the headlines but for Schiff it's the ever growing fiscal uncertainty that fuels his confidence in gold with bold spending promises and tax relief plans ahead shift sees gold as critical I think when it comes to the trajectory of debt government spending taxes it's going to be more of the same at the end of the day spending is is going to run out of control the deficits that are already exploding are going to get higher and I still expect the end result to be a US dollar and sovereign debt crisis the numbers backup shifts concerns the national debt has soared past $36 trillion and is climbing fast by an eyering $2 to3 trillion each year the Congressional budget office projects it will grow another 60% by 2034 and it doesn't stop there the projections for the annual budget deficit are just as alarming in just the first two months of fiscal year 2025 the deficit has already hit $624 billion an alarming 64% higher than where the $1.8 trillion deficits stood at the same point last year the CBO projects the deficit will average 2.2 trillion doll per year over the next decade reaching nearly 7% of GDP by 2034 almost double the average deficit to GDP ratio of the last 50 years as for why shiff has little hope of these projections changing in any meaningful positive way he put it like this it's easy to say I want to get rid of waste Fraud and Abuse every politician is in favor of that but the problem becomes when you have to identify the waste Fraud and Abuse it has a constituency every dollar the government spends somebody is benefiting from it and if you threaten to take that away that's a problem so it's very difficult to actually get Congress to approve any substantial Cuts in government I don't know how I could be anything but positive on the price of gold he said adding I think the price of gold can double even triple from here and potentially go much higher than that we've just glimpsed into the future through Peter shift's eyes in 2008 some listened and Protected Their wealth others ignored the warnings and lost everything I can't see into your future here's the question what does it look like for you the answer is up to you until next time
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