Fox News stunned to learn Trump is sleepwalking US into financial ruin

Despite some signs to the contrary, many are arguing that America, under Trump, is facing its worst financial crisis since the 1939 great depression. One person making that argument is Peter Schiff, who told Fox News.

Peter Schiff rips @FoxNews out of their MAGA stupor with truth bombs that are imminent:

‘The dollar is going to collapse, the dollar is going to be replaced by Gold. We are headed for an economic crisis that will make the 2008 financial crisis seem like a Sunday school… pic.twitter.com/KRRhw4bith

— Shannon Joy (@ShannonJoyRadio) January 28, 2026

Schiff noted that the upcoming event will make 2008 look like a “Sunday school picnic”. He also claimed that unlike 2008, this won’t be a global but an American issue.

So what’s going on?

Faux growth

You may be aware that the US economy actually grew in the third quarter, as the White House’s ‘Rapid Response’ team highlighted:

.@howardlutnick on @POTUS reversing the damaging effects of globalization:

"We're at the one year anniversary of Donald Trump. In the Third Quarter, we grew 4.3%… the $30T U.S. economy is now going to be growing at 5% or more because we are taking care of ourselves." 🇺🇸 pic.twitter.com/NsV1bN0OQ7

— Rapid Response 47 (@RapidResponse47) January 20, 2026

There’s a problem with this, however, and it’s that while the economy is ‘growing’, the value of the dollar is diminishing. The following graph demonstrates what happens when there’s more money but that said money is worth less:

This is a tldr of the Ray Dalio argument https://t.co/na0qKYhK2n

— Jason Mikula (@mikulaja) January 28, 2026

There can be certain trade benefits to a country’s currency devaluing, with the most obvious being a boost for exports. However, as YouTube channel, How Money Works, detailed in the following video, America isn’t a big exporter. It’s actually the world’s biggest importer. In other words, a weaker dollar is incredibly bad news for Americans who want their treats and creature comforts.

Reserve

A key driver of all this is that the dollar is losing its status as the ‘global reserve currency’ — i.e., the currency which people use to trade and invest with. That status made the dollar valuable, and in turn that made America rich.

Nations and investors increasingly see the dollar as a less stable choice, with reasons including the erratic policy decisions of Donald Trump (e.g. the on/off tariffs):

This is insane…

US Dollar share of global reserve currency has fallen to its lowest levels this century.

It’s literally unprecedented. pic.twitter.com/ifVcg8OZuc

— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) January 25, 2026

This didn’t begin with Trump, though.

Under successive US presidents, America has been waging economic warfare through sanctions:

Over 1/4th of the global population lives in countries sanctioned by the US and EU. And while this infographic is very useful, it doesn't even include some other sanctioned countries like Nicaragua.

Western imperialist nations are waging economic warfare across the planet https://t.co/ZbeA6IVgzc pic.twitter.com/LCMVRbv34u

— Ben Norton (@BenjaminNorton) January 17, 2022

To avoid the sanctions, countries seek to make alternative financial arrangements outside of the US sphere of influence. In other words, by throwing its weight around so vigorously, America, with Trump at the steering wheel, has worked off much of its heft.

While the dollar remains the global reserve currency for now, it used to be gold. The way things are going, it will be gold again before too long, as the following graph demonstrates:

See the full picture; that might be more important.

Last time they crossed, but now they’re heading the other way.

When the Soviet Union fell and the Cold War ended, the era of the dollar truly began.

Today, it’s shifting back to a 1.5 polar world.

Last year seemed to…pic.twitter.com/bskDMcdJrU

— Nilay Parikh (@nilayparikh) January 25, 2026

Collapse?

We can’t say for certain that the US is heading into its worst financial disaster since the great depression.

We can say Trump is the absolute last person you would want in charge for all that.

The guy is literally asleep at the wheel, and now the warning bells are so loud that even Fox News can’t ignore them:

Trump falls asleep again during a meeting on live television. If Joe Biden had done this, the media would’ve turned it into a week-long crisis. But with this clown, they shrug because he gives them the clicks that fatten their wallets. Total failures. https://t.co/f33xrg5e1e pic.twitter.com/thbH6GkZtO

— Chris D. Jackson (@ChrisDJackson) December 2, 2025

Featured image via the Canary