Authored by Mac Slavo vioa SHTFplan.com,

Renowned market analyst Peter Schiff said in his recent podcast that Americans just don’t want the truth. Schiff says that it is very likely that we are already in a recession and no one wants to accept that or even deal with it.

“Nobody wants to deal with the truth; because you know how grim the reality is? Because if you have to accept the fact that this economy is going into recession, then you have to accept a lot of unpleasant things that nobody wants to admit,” Schiff was quoted during his podcast, according to Schiff Gold.

The stock market got a nice bump on Monday with the news that there was a “truce” in the trade war. That lasted all of one day. The markets tanked on Tuesday as investors realized the “truce” really didn’t mean anything. The Dow Jones plunged 799 points, a 3.1% drop. The S&P 500 declined 3.2%, while the Nasdaq was down 3.8%. As one news outlet put it, “investors are quickly realizing that the US-China trade war is not over. The tariffs already put in place remain. And new tariffs could be implemented if the two sides fail to make progress.” –Schiff Gold

“The market is saying it thinks sometime two or three years from now, the Fed is going to be cutting rates because the economy is going to be in a recession,” said Schiff. “And so people think yields will be lower three years from now then they are today because they think the economy will be into a recession at some point in the future.”

Schiff added that there is a good possibility that we are actually in a recession right now.

“In fact, we may even be in a recession now. We don’t know yet. We won’t know yet until the government goes back and revises all the numbers. But that is what they will do because if you look at what is going on beneath all the headlines, the real economic data is weak. I don’t care that the unemployment rate is still low. The unemployment rate can spike higher very quickly.”

Schiff says most people are still in denial about the economy and the downturn too.