Economist and investor Peter Schiff, speaking in the Wednesday episode of his Peter Schiff Show, gave an insightful rundown of some of the economic damage coming to America because President Donald Trump “decided that he was going to go to war with Iran” despite there being “no immediate threat to the United States from Iran.”
Increased oil prices, inflation caused by monetary and fiscal policies pursued in reaction to those increased oil prices, and borrowing and money printing to pay for the war and potentially for the rebuilding of what the US destroys in Iran are some of the contributors to American economic destruction that Schiff detailed in the episode.
Further, noted Schiff, bellicose US actions, against Iran and beyond, encourage nations across the world to take actions in response to deprive the US dollar of its world reserve status and thus reduce the threat the US government poses internationally. Blowback in the form of terrorist attacks against America is also, explained Schiff, a potential consequence of the Iran War stirring up much animosity.
Watch here Schiff’s episode in which he discusses economic harm for America from the Iran War.
Two months before Trump won election to his second term as president, I concluded an article regarding criticism by Schiff of one of Trump’s policy proposals with this comment: “Trump would be wise to ask Schiff to be a go-to economic advisor.” Schiff is again demonstrating the value he could provide to Trump by providing informed economic analysis that none of Trump’s inner circle of advisors is likely providing.