qwant news | Schiff Warns Of Financial Crisis, Trump Bill May Add $5 Trillion Deficit, Bitcoin Outlook And More: This Week In Economy - BlackRock (NYSE:BLK)
Peter Schiff warned that the United States is on the brink of a “full‑blown financial crisis,” pointing to a recent surge in import and export prices that he said are annualizing to inflation rates of roughly 17‑20 %. The spike in commodity costs, especially a sharp rise in global oil prices, has pushed inflationary pressures to levels not seen in decades, echoing a U.S. Bureau of Labor Statistics report released on March 25, 2026.
A separate economic analysis from the Brookings Institution warned that the “One Big Beautiful Bill”—legislation enacted on July 4, 2025—could add between $3.7 trillion and $5.1 trillion to the federal deficit over the next ten years. If temporary provisions are extended, the study projects that U.S. debt could rise by as much as 45 percentage points relative to GDP by 2054, threatening long‑term fiscal stability for American households.
Venture‑capitalist Tim Draper likened the future of banking to the transition from horses to automobiles, suggesting that older financial systems will linger even as new technologies, such as AI, reshape the industry. Meanwhile, BlackRock CEO Larry Fink proposed allowing a portion of Social Security funds to be invested in the market, arguing that the program provides stability but does not enable wealth building. Senator Elizabeth Warren, however, criticized Fed chair nominee Kevin Warsh, calling him a “rubber‑stamp” for the Trump administration’s pro‑Wall‑Street agenda and questioning his past opposition to stronger banking safeguards.
Read more: https://www.benzinga.com/markets/macro-economic-events/26/03/51528826/schiff-warns-of-financial-crisis-trump-bill-may-add-5-trillion-deficit-bitcoin-outlook-and-more-this-week-in-economy
#peterschiff #unitedstates #blackrock #u.s.bureauoflaborstatistics #socialsecurity
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