Peter Schiff appeared with Alex Jones on Info Wars Friday and made the case that the real economic earthquake is in our future, not in the past.

Peter said that despite all of the positive spin coming out of the mainstream media, the Federal Reserve, and the Obama administration, the US economy is weak and spiraling toward trouble.

If you look at most of the economic indicators out there, they’re flashing recession.”

Peter went on to analyze some of the recent economic data that supports his case, and emphasized that the great 2008 recession was just a tremor:

I saw 2008 coming, and unfortunately, I also saw how the government responded to 2008, and they did exactly what I feared they would do and what I warned they would do. That is exactly why the real earthquake is still in our future and not in our past, and people have to prepare for that.”

Highlights from the interview:

“There’s no way to know, exactly, the timetable [for crisis], but obviously, this economy is already back in recession. And if it’s not in a recession it’s certainly on the cusp of one.”

“I think it’s clear we could be in a negative GDP quarter right now. I think if the first quarter is bad, the second quarter is going to be worse, because the last couple of years we had a rebound in the second quarter, because we had very warm winters. But this winter was the warmest in 120 years, so there is nothing to rebound from.”

“The problem for the Fed is how do they launch a new round of stimulus and still pretend the economy is in good shape? Because that’s the message President Obama is trying to sell, and that’s the message Hillary Clinton is trying to run on, and Janet Yellen doesn’t want to take the wind out of her sails.”

“Negative interest rates are a disaster. I mean, it’s not working in Japan. It’s not working in Europe. It’s not going to work here. But just because it’s not going to work doesn’t mean we’re not going to do it, because everything we do doesn’t work and we do it anyway. But I think it shows desperation that you’ve had all these central bankers lowering interest rates and lowering interest rates and expecting it to revive the economy. When they get down to zero, rather than admit it didn’t work…they are now going negative. It’s just sheer desperation.”

“America is broke. If you look at Europe and Japan, even thought there is some debt there, overall those are still creditor nations. The world still owes Europe money. The world owes Japan money. But America owes more money than all of the other debtor nations combined. Trump is right about that. We are broke. We are flat broke.”

“The trigger that’s going to really send us into a higher gear is going to be the admission by the Fed that the economy is weak, or the markets figuring it out on their own. Then you really get the decline of the dollar, because now people start to realize that we’re not going to get all these rate hikes that everybody has been betting on. We’re going to get cuts. And the Fed doesn’t have much room to cut because they only managed to raise rates to a quarter.” So, there’s not a lot of stimulus left. All they’ve got is potentially negative rates and a huge round of quantitative easing, and this thing is going to blow up in the Fed’s face.”

“If you look at most of the economic indicators that are out there, they’re flashing recession. The only thing that isn’t is the low unemployment rate and the jobs that we’re creating. But then when you look beneath the surface…you realize all the jobs that are being created are low-paying part-time jobs. The reason there are so many jobs is that people now have two or three.”

“I saw 2008 coming, and unfortunately, I also saw how the government responded to 2008, and they did exactly what I feared they would do and what I warned they would do. That is exactly why the real earthquake is still in our future and not in our past, and people have to prepare for that.”

“So, this economy is very weak, despite the rosy scenario, the fiction that the president is trying to paint. But Wall Street still doesn’t get it.”