Will Fed rate hike cause financial crisis worse than 2008?

Economist Peter Schiff warned of growing inflation on Tuesday's "The Ingraham Angle," saying the American economy is dealing with "reckless monetary and fiscal policy."

PETER SCHIFF: We need to be rescued from [the American Rescue Plan] because what the government did was the complete opposite of what they should have done as they were ordering everybody to stop working. And we shut down the economy and we stopped producing, we printed more money. So we gave out all this money to people. We paid a lot of people more money not to work than when they actually had a job. And they earned money except when they were staying at home, they weren't being productive. And so we flooded the economy with money as we were starving it of goods. And of course, prices went through the roof. I predicted that this was going to happen back in March of 2020, when we first went down this road. But then Biden really kicked it into a whole new gear. And now we're dealing with the consequences of that policy, that reckless monetary and fiscal policy.

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The Fed is so far behind the curve, it can't even see it. You know, we actually have to get interest rates above the rate of inflation. We need positive, real interest rates. But thanks to the Federal Reserve, everybody has so much debt that we can't afford to pay an interest rate high enough to fight inflation. But it is going to be high enough to cause a massive recession and another financial crisis that's worse than the one we had in 2008. 

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