In one of his most recent podcasts, American stockbroker and financial commentator Peter Schiff warned that “2024 could be a horrible year for the dollar.”

Schiff presented three big reasons why he believes inflation could rise even higher this year than last, one of them being that the private Federal Reserve banking cartel is surrendering to inflation in order to keep Joe Biden in the White House.

“I think that the Fed is going to be doing everything it can to try to reelect Biden or whoever may run if Biden does not,” Schiff explained, noting that the Fed will continue its dovish inflationary policies at least through the end of 2024 to make that happen.

“The Fed chairman always wants to play ball with whichever Administration is in power.”

It is not so much that the Fed is politically biased as it is the fact that the Fed cares more about self-preservation than anything else. And in order to preserve itself, the Fed has to side with the political incumbent in an election year, which is exactly what it is doing with Biden.

(Related: Twenty twenty-three was a horrible year for the banking industry – the worst since the financial crisis of 2008.)

Hey hey, ho ho, the Federal Reserve has got to go

Another reason why 2024 is likely to be a bad year for the U.S. dollar, in Schiff’s view, is the fact that the United States economy is fueled by inflation.

Because America now has a debt-based economy – Federal Reserve Notes are debt notes, after all, and not sound money – the only way it remains strong is by propping up the perception of economic growth, which is contingent upon inflation.

“Investors are anticipating a big bond rally – that’s what they think,” Schiff explained, noting that the perceived strength of the U.S. economy “is largely illusory, a façade created by inflationary policies rather than genuine economic growth.”

“The Fed is going to go back to zero or close to it back to quantitative easing. And so, they’re factoring all this in. They’re pricing this easing cycle into the markets now. They’re betting on it.”

If the American economy was genuine rather than a farce, then the Fed would allow Wall Street’s bad bets to fail, resulting in a stock market collapse and a return to something that more closely resembles an actual free market society.

In reality, the Fed will continue to loosen its monetary policies to prop up the Wall Street farce, driving up inflation because this is “the only magic trick they have,” according to Schiff.

The ever-weakening U.S. dollar is also a product of U.S. trade deficits. Schiff explained that the cheap dollar the Fed wants to preserve means higher commodity prices and even higher trade deficits, which is bad for the nation.

“There’s no way that inflation is going to come down in an environment where the dollar is that weak because that’s going to really push up commodity prices,” Schiff said.

“That’s going to push up our trade deficit … These big trade deficits are going to weigh heavily on the dollar.”

Not only are trade deficits a symptom of economic issues, they are also one of the causes of the ever-devaluing dollar. And as long as the U.S. continues to run these trade deficits, pressure on the dollar will continue.

“That is a very negative sign for the dollar for 2024 and a positive sign for gold because people are buying the Swiss franc as a safe haven,” Schiff noted.

“Gold is an even safer haven than the Swiss franc, but the fact that the Swiss franc is gaining so much on the dollar is an indication that people are leery of the dollar.”