Economist Peter Schiff, known for his critical perspectives on U.S. economic policies, draws a dire comparison between today's economic climate and the precursors to the 2008 financial crisis, flagging inflation and money supply as key indicators of impending trouble.

Schiff criticises the Federal Reserve's optimistic economic outlook, cautioning against a too-positive stance reminiscent of the pre-2008 era and suggesting that current indicators point towards a more severe economic downturn.

Highlighting recent data on U.S. Personal Consumption Expenditures, Schiff underscores the mismatch between personal spending growth and income increases, arguing that it reflects the deeper impact of inflation on consumer behavior and economic health.

The economist disputes the Federal Reserve's inflation predictions, pointing to the rising gold price as a more accurate gauge of inflation's trajectory, which he believes signals an economic direction opposite to the Fed's forecasts.