Compared to 2008, “banks are in much worse shape,” says Peter Schiff of Euro Pacific Asset Management ( The FDIC doesn’t have enough funds to bail all the banks out, he points out. If the banking system collapses, either “insured” depositors will not get their funds or they will be paid back in devalued Dollars, Schiff argues. “Either you lose your deposits or your deposits lose their value.”

INTERVIEW TIMELINE:
0:00 Intro
1:03 Gold & inflation
9:34 Debt crisis
16:58 Commercial real estate
22:30 Banking system
30:45 Peter Schiff online
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Get Your Money OUT Of The Banks NOW | Peter Schiff

Peter Schiff, a well-known American economist, financial broker, and author, is known for his outspoken views on the state of the economy and financial markets. In a recent interview, Schiff issued a stark warning to Americans: get your money out of the banks now.

Schiff’s warning comes amid concerns about the stability of the banking sector and the potential for a major financial crisis. With interest rates at historic lows and central banks around the world engaging in unprecedented levels of money printing, Schiff argues that the risks to depositors are higher than ever.

According to Schiff, the combination of low interest rates and massive money printing has devalued the purchasing power of the dollar, making it increasingly risky to keep money in the bank. He points to the potential for inflation to erode the value of savings and warns that the banking system is ill-prepared to handle a major crisis.

Schiff’s views are shared by many other financial experts who have been warning about the dangers of keeping money in the banks. With interest rates below the rate of inflation, depositors are essentially losing money by keeping their savings in the bank. At the same time, the risk of a banking crisis or a collapse in the value of the dollar is higher than it has been in decades.

In light of these risks, Schiff advises Americans to take their money out of the banks and invest it in tangible assets such as gold, silver, and real estate. These assets, Schiff argues, are a better store of value than cash and are less susceptible to the risks of a banking crisis or a collapse in the value of the dollar.

Of course, withdrawing money from the banks comes with its own set of risks and challenges, especially in a world where electronic transactions and online banking are the norm. However, Schiff’s warning should serve as a wake-up call to anyone who is concerned about the state of the economy and the safety of their savings.

In conclusion, Peter Schiff’s warning to get your money out of the banks now is a sobering reminder of the risks facing depositors in the current economic environment. While taking money out of the banks may not be practical for everyone, it is important for individuals to consider the potential risks and take steps to protect their savings. As always, it is important to do your own research and seek out professional advice before making any financial decisions.