'Tuesday's US stock plunge following a massive selloff on global markets is seen by some analysts as a sign of more bad things to come. RT talked to veteran stock broker Peter Schiff to explore the issue in depth.
After the dramatic early drop, US stocks recovered but finished lower after a wild day on Wall Street. By the closing bell, the Dow was down 126 points, or 0.5 percent, recovering most of its early losses. The Nasdaq closed down 0.4 percent, while the S&P 500 shed 15 points, finishing 0.6 percent lower.
According to Schiff, who currently serves as the CEO of Euro Pacific Capital, the stock market is definitely looking like it's heading for another bear market.
"All the signs are already there. Look at what's happening out there. The stock market is falling, 40 percent of the S&P is already in a bear market. Look at homebuilders, the housing stocks, the financials, the retailers – all these are the same things that were happening in 2007 leading to that crisis," the strategist told RT America.
The economist urged people be prepared for not only an economic crisis, but a political crisis as well with the current administration likely to take the blame. According to Schiff, the US national currency is set to meet with the worst losses.
“So, what you've got to do is get out of US dollar assets. The dollar is going to be the biggest casualty along with the American standard of living,” he said, adding that foreign stock markets, especially emerging markets, currently depressed by the strong dollar would see a strong rise.'
Read more: US economy about to collapse, taking down dollar & American standard of living – Peter Schiff
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