RT / BATTLE FOR WORLD - October 14, 2018: The article highlights that Wall Street and the US economy are on the verge of recession, according to Peter Schiff, the CEO of Euro Pacific Capital, who raised alarms after this week’s market selloff.

(BattleForWorld: The news media is very aware of the terrible economic times ahead for the American people and the world in general hooked to the US dollar. The news media are all playing stupid, in order to not panic the public. And so the pending economic crash will happen without the public being alerted beforehand. But what you can bet on is this, that the high-level investors in the stock market will be given decisive information prior about when the economic crash is ready to happen. Throughout the United States, banks are scaling back on human tellers, replacing them with bank machines and are directing customers to use those machines to do their transactions. What appears to be one of the reasons behind this, is that when the economic crash finally happens, customers will not be able to cause a "bank run" - where large numbers of people withdraw money from a bank in fear that the bank may cease to function in the near future. With a human teller, a customer can withdraw high amounts in cash, but with the machines the amount is limited. Also, the bank machines hold a limited amount of cash and their cash replenishment time varies.)

He told Fox News that “This is a bubble not just in the stock market, but the entire economy.” And Schiff predicts a recession, to be accompanied by rising consumer prices, that will be “far more painful” than the 2007-2009 Great Recession.

“I think as Americans lose their jobs, they are going to see the cost of living going up rather dramatically, and so this is going to make it particularly painful,” said Schiff.

And what is insane according to Schiff, is that the Fed has been acting irrationally for a long time: “What is crazy is for the Fed to believe that they can raise interest rates without pricking their own bubble.”

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