Dollar Collapse? Peter Schiff Warns Crisis Worse Than 2008

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As central banks rush to gold, Schiff says the coming shock will be an American financial implosion—not a global one

By TRH Op-Ed Desk

New Delhi, January 29, 2026 — “The world is now pulling the rug out from under the United States.”

That was economist Peter Schiff’s blunt warning on Fox News—a warning that cuts against decades of American financial exceptionalism. According to Schiff, the next economic crisis will not resemble 2008. It will dwarf it. And unlike past crashes, this one will be uniquely American.

“The dollar is going to collapse,” Schiff said, adding: “The dollar is going to be replaced by gold.”

Schiff’s argument rests on a visible global shift that Washington prefers not to discuss openly: central banks are aggressively buying gold, reducing exposure to US dollars and Treasuries, and preparing to back their currencies with tangible assets rather than American debt. In Schiff’s telling, this is not speculation—it is already underway.

“Central banks are buying gold. They are backing up their currencies,” he said, adding: “They’re getting rid of dollars. They’re getting rid of Treasuries.”

For decades, America’s ability to export inflation, debt, and instability to the rest of the world insulated it from consequences. That privilege, Schiff argues, is ending. The United States has printed unprecedented amounts of money, monetised deficits, and normalised debt levels once associated with failed states—while assuming global demand for dollars would remain eternal.

The coming crisis, Schiff warned, will “make the 2008 financial crisis look like a Sunday school.”

But the most unsettling part of his diagnosis is not the scale—it is the geography. This time, Schiff insists, the pain will not be shared globally.

“The biggest difference between the crisis that we’re about to have and the one we had back then is this one is all in America,” he said. “It’s not going to be exported to the rest of the world. It’s not a global financial crisis. It’s an American financial crisis.”

If Schiff is even partially right, the implications are profound. A weakening dollar would hit US consumers through inflation, crush purchasing power, destabilise bond markets, and force a reckoning with a debt-fuelled economic model long sustained by trust rather than discipline.

The world, Schiff suggests, is already preparing for a post-dollar reality. The only question is whether America is.