Economist and gold advocate Peter Schiff is warning about what could come after Jerome Powell’s term as Federal Reserve chair ends. In a post that has sparked a debate on X, Schiff said he expects President Donald Trump to pick someone extremely dovish to replace Powell.
“Trump will likely nominate the most dovish replacement to ever chair the Fed,” Schiff wrote on Saturday. “His nominee will be a loyal soldier willing to sacrifice the dollar and create as much inflation as needed to monetize exploding debt to keep interest rates artificially low.”
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Schiff Doubles Down on Gold, Not Bitcoin
As usual, Schiff used the opportunity to draw a line between traditional assets and digital currencies. When a user replied, “Bitcoin wins again,” Schiff was quick to shut it down: “Not this time. Bitcoin’s days of winning are likely over.”
Another commenter joked that if Schiff were nominated for Fed chair, he’d dump all dollars and Bitcoin to buy gold. Schiff clarified, “I dump Treasuries, not dollars. I’d withdraw dollars from circulation, removing all the excess liquidity.”
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Warren Says Firing Powell Would ‘Crash Markets’
On the other side of the conversation, Sen. Elizabeth Warren (D-MA) warned that if Trump removes Powell from his position, it could have severe consequences.
"I have tangled with him on a regular basis about both regulations and interest rates. But understand this: If Chairman Powell can be fired by the president of the United States, it will crash markets in the United States," Warren said during a CNBC interview last week.
Trump had recently taken to social media to criticize Powell, writing, “Too Late should have lowered Interest Rates, like the [European Central Bank], long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
Warren also emphasized the importance of the Fed’s independence, saying that if a president can manipulate interest rates, it makes the U.S. no different from “any other two-bit dictatorship.”
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Markets slumped to start the post-Easter trading week, following another Truth Social post from Trump in which he demanded immediate interest rate cuts and referred to Powell as “Mr. Too Late,” accusing him of political bias and blaming him for misjudging inflation.
Trump wrote that there’s “virtually no inflation” and warned of an economic slowdown unless Powell acts “NOW.” However, Trump on Tuesday told reporters in the Oval Office he had “no intention” of firing Powell, adding that he “never did.”
Dollar Confidence Wavers as Tariffs Kick In
Concerns over the future of the dollar aren’t just coming from Schiff. In early April, Deutsche Bank warned of a possible crisis of confidence in the U.S. dollar.
“There is a risk that major shifts in capital flow allocations take over from currency fundamentals and that FX moves become disorderly,” Deutsche Bank strategist George Saravelos said.
The dollar fell sharply after Trump announced new tariffs, raising fears about recession risks. Saravelos noted that a rapid dollar decline could hurt central banks worldwide, adding, “The last thing the ECB wants is an externally imposed disinflationary shock from a loss in dollar confidence and a sharp appreciation in the euro on top of tariffs.”
The global financial system may be entering a new phase, as Saravelos put it: “We are in the midst of dramatic regime change in markets.”
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