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Economist warns of a worse crisis than 2008
American economist Peter Schiff warned that the United States is heading towards a more severe and larger financial crisis than the 2008 downturn, due to a widespread economic bubble involving many assets. He clarified that the U.S. government is now carrying enormous unfunded debt, which threatens to lead to defaults or the use of inflation as a means to service the debt. This could result in a loss of currency value and an increase in poverty among Americans. He pointed out that the national debt has surpassed $40 trillion for the first time in history, amid rising costs of Social Security programs and interest payments. He emphasized that current solutions will not be sufficient to avoid a crisis that could cause greater economic suffering.
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