'Nobody’s Money Is Safe in Any Bank' Economist Peter Schiff believes that more banks will fail. The source of the crisis is that the Fed sets interest rates too low and prints a lot of money in order to make that possible, unleashing massive inflation and creating tremendous economic imbalances that result in financial crises and depressions when the bubbles burst.
He cautioned that nobody's money is safe in any bank, and that the Federal Reserve raising interest rates by 25 basis points at their latest Federal Open Market Committee (FOMC) meeting is not enough to bring down inflation.
Schiff advised people to get out of the dollar and banks!
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