Economist Peter Schiff has warned that the U.S. dollar's credibility is at risk, potentially triggering a debt crisis and recession. Schiff highlighted a surge in gold prices, which rose over $100 to exceed $4,600, as a signal of growing unease about U.S. fiscal and monetary stability. He cautioned that this could lead to increased debt, higher interest rates, and persistent inflation. Schiff noted that central banks are shifting reserves towards gold to hedge against currency debasement and fiscal uncertainty. He argued that foreign central banks are losing confidence in the U.S. dollar's ability to maintain its value without excessive monetary expansion. Schiff has repeatedly emphasized the risks of de-dollarization and its potential impact on the U.S. economy, including a prolonged inflationary downturn and reduced living standards.