Author and contrarian investor Peter Schiff was on CNBC last week explaining why he believes the U.S. economy will not have a happy holiday season this year. In fact, Schiff believes the writing is on the wall that the next U.S. recession is imminent and will be even worse than the Financial Crisis of 2008.

Layoffs Coming

The U.S. employment numbers for the month of October were surprisingly strong, but Schiff believes that weakness in holiday sales will soon trigger a 180 degree turn in hiring. “I expect layoffs to start picking up by the end of the year,” Schiff said. “Retailers have overestimated the ability of their customers to buy their products.”

No Rate Hike

A vast majority of economists and market watchers believe…

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