Says dire political, economic consequences await America
Peter Schiff appeared on RT America Friday to talk about the big stock market selloff in the wake of the arrest of Meng Wanzhou, a Chinese businessman accused of violating US sanction laws. The markets reacted negatively, fearing the arrest could derail apparent progress in the trade war.
Peter said Wanzhou’s arrest may have provided the catalyst sparked the sell-off, but it wasn’t the underlying cause.
“This is a bear market. That’s why the market went down. If it wasn’t that, they would have found another excuse. If we were in a bull market, I think the market would have shrugged it off. So, we’re going lower.”
Wanzhou serves as the chief financial officer for Huawei Technologies. The company is the world’s largest telecom equipment maker. According to news reports, US authorities have been investigating Huawei since at least 2016 for allegedly shipping U. S.-origin products to Iran and other countries in violation of American export and sanctions laws.
As far as the arrest goes, Peter said flexing that kind of muscle will eventually backfire on the US.
“The dollar, having the reserve currency, that status is in jeopardy.
