Peter Schiff, Who Called 2008 and Missed Bitcoin, Says US Debt at $39.5 Trillion Ends in Dollar Collapse

Schiff’s latest Peter Schiff warning centers on one figure, which is America’s debt burden. According to data from US Treasury’s Debt, federal debt has climbed from $14.79 trillion in 2011 to roughly $39.5 trillion today. This is an increase of about 167% over the past 15 years. The economist argues the pace is unsustainable and recently warned the US dollar is headed for a “historic economic collapse.”
The debt itself isn’t the only concern. It should be noted that the annual US interest expense has reached $1.6 trillion. This is a figure Schiff notes is equivalent to the federal government’s entire budget in 1997. On his podcast, he argued that once annual interest costs reach $2 trillion, the US could face a sovereign debt crisis that spills into the currency market.