Peter Schiff, CEO and chief global strategist for Euro Pacific Capital, and noted perma-bear, said that serious economic destruction is just a few months away. "I think the Fed is going to have negative interest rates before the election because we're going to be in a serious recession," Schiff told Business Insider on Friday.
In fact, Schiff said that we may already be in recession and this one is going to be a doozy. "We're in worse shape now than we were in 2007," he said.
"The Fed is going to go negative because they want to do something stimulative to try and boost the economy so the Republicans — or someone like Donald Trump — don't just walk away with the election," Schiff told us.
"They're going to blame the downturn on overseas weakness washing up on our shores to try and convince us that our economy is alright."
