Peter Schiff Warns of US Debt Crisis

Peter Schiff stated that the rise in US government bond yields amid weak economic data may indicate an impending debt crisis. He noted that the yield on 30-year bonds reached 5.62%, while 10-year bonds hit 5.26%. The consumer confidence index fell to 81.9, marking a 12-year low. At the time of writing, the yield on 10-year bonds was 5.33%, the highest level since 2002. The US Treasury attempted to support the market by buying back long-term bonds, increasing the maximum operation size to $6 billion. However, the yield on 10-year bonds rose to 4.98% following the announcement of the operation. Schiff also considers gold to be the 'last safe asset' and noted that the rise in bond yields is linked to excessive debt and inflationary risks. He does not believe that artificial intelligence will quickly solve economic problems, emphasizing that the economy must first incur infrastructure costs. Schiff also warned of the risk of competition for capital between the US government and technology companies.

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