Peter Schiff: US Government Regulations Added Unfunded Liabilities and Worsened Financial Crisis

The recent fall of major banks in the United States and the need for federal intervention has reignited discussions to identify the most effective ways to safeguard the crumbling economies.^[0] Economist and gold bug Peter Schiff shared his outlook for the U.S. economy in a series of tweets this week, where he argued that increasing banking regulations has worsened the financial crisis.^[0]

After the 2008 financial crash, the U.S. government introduced new banking regulations with the assurance that similar occurrences would not take place again, as highlighted by Schiff.^[1] By doing so, the government effectively took on an extra $7 trillion in unfunded liabilities. He said, “This adds about $7 trillion in additional unfunded liabilities to the U.S. Govt.”

It is clear that the current financial crisis is worse than the one in 2008, and a major contributing factor to this is the government’s own regulations.^[2] Peter Schiff’s financial warning is a reminder that the government must be held accountable for their decisions and that the people should be informed of the consequences of those decisions.

0. “Peter Schiff blames ‘too much gov't regulation' for worsening financial crisis By Cointelegraph” Investing.com, 19 Mar. 2023, https://www.investing.com/news/cryptocurrency-news/peter-schiff-blames-too-much-govt-regulation-for-worsening-financial-crisis-3033961

1. “Economist Peter Schiff Expects Worse Financial Crisis Than 2008 — Says ‘Future Rate Hikes Are Now Pointless …” Bitcoin News, 19 Mar. 2023, https://news.bitcoin.com/economist-peter-schiff-expects-worse-financial-crisis-than-2008-says-future-rate-hikes-are-now-pointless/

2. “Peter Schiff blames ‘too much gov’t regulation’ for worsening financial crisis” Cointelegraph, 19 Mar. 2023, https://cointelegraph.com/news/peter-schiff-blames-too-much-gov-t-regulation-for-worsening-financial-crisis