Well-known economic commentator Peter Schiff has warned that the US economy is entering the shadow of recession and predicted that a fierce storm of inflation is about to sweep over.

The recently released employment data, like a basin of cold water, has doused the market's optimistic expectations for economic recovery. The number of new jobs in July barely reached 114,000, far below the market's general expectation of 175,000. This data has undoubtedly aggravated the economic chill.

More worryingly, the unemployment rate has quietly climbed to 4.3%, which has not been seen since October 2021, as if foreshadowing that a cold winter in the job market has quietly arrived. Mr. Schiff is blunt: the bell of recession has sounded, and the wave of inflation is ready to go, ready to devour our economic achievements.

His criticism of the current inflation and unemployment rate measurement standards is even more deafening. Schiff believes that if measured by the pain index that is closer to the people's livelihood, the current economic situation even exceeds most of the difficult times in the 1970s. This is undoubtedly a profound reflection and warning of the current economic situation.

In this context, the market has high hopes for the Fed's upcoming drastic interest rate cuts, hoping that it can become a life-saving straw for the economy. Schiff calmly pointed out that although interest rate cuts can temporarily ease the tension in the financial market, they may not really stimulate economic vitality. It is more likely to inadvertently ignite the raging fire of inflation, and the fundamental problems of the economy and the employment market may still be difficult to fundamentally solve.

Faced with such an economic dilemma, traders have also begun to look for safe havens. With the intensification of volatility in traditional financial markets, new assets such as cryptocurrencies have gradually become popular in everyone's eyes due to their unique charm and potential for appreciation. With the downward trend of interest rates, these alternative assets may become an important choice for investors to pursue higher returns and resist inflation risks.

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