Infamous gold bug and financial analyst Peter Schiff recently opined on President Donald Trump’s reelection chances.  Schiff says that if the United States goes through a recession before 2020, Trump is highly likely to lose.

Trump has made this “booming” economy a core in his speeches and tweets and he has taken responsibility for it on numerous occasions.  Because of that, he’ll be blamed for the next recession regardless of when that actually occurs. His reelection will be an uphill battle, but not an impossible one. “The president tweets every day that we have the strongest economy in history, which isn’t even close to being true,” Schiff said in an interview with RT according to a report by Schiff Gold.

Schiff, who is CEO of Euro Pacific Capital, says he thinks the recession will come before the next election too, making it a difficult road for the president.  “I think that Trump is likely to lose the next election because I think the U.S. economy can easily be in recession,” Schiff told Kitco News. Schiff said that in the last presidential election, Trump was able to expose the shortcomings of the economy and leverage on the frustrations of many voters. However, this time around, the political environment may not sway in Trump’s favor.

“Everybody thought we had a good economy under Obama. The media kept talking about it, Wall Street kept talking about it, but I knew the recovery was phony, and so did Trump, and Trump was able to play into that by basically leveling with the American public that the data that they were being given from the government was a fraud, that we were living in a bubble created by cheap money, and the recovery was an illusion created by statisticians,” he said. And of course, all of that is correct and still is to this day.

“But now, Trump is the system. He didn’t drain the swamp, he is now the leader of the swamp. The swamp is now deeper and murkier as a result of Trump,” he said. The U.S. economy is headed for a recession no matter what the Federal Reserve does and how much they cut rates.  It is inevitable, says Schiff.

In an interview with RT, Schiff said that the main reason the Fed is cutting rates is to try to keep the air from coming out of the stock market bubble.

“The other reason is they’re trying to keep this so-called expansion going. There they’re going to fail. I think we’re headed for recession regardless of what the Fed does with rates. The only thing the Fed is going to succeed in doing is reviving inflation. The Fed claims inflation is too low and they want to make sure the rate goes up. Well, that’s going to be their only success. But unfortunately, that’s also going to be their biggest failure.”

Schiff says the other problem is that this “booming” economy is a lie. It’s nothing more than a gigantic bubble, and when the Fed lowered interest rates, they succeeded in inflating the bubble.

It’s a bubble. Powell doesn’t seem to understand that. He seems to think the economy is doing OK. It’s not. The economy today is in worse shape than it was before it collapsed in 2008. The Fed inflated a much bigger bubble this time than it did last time. And yes, the longer we succeed in kicking the can down the road, the greater the imbalances grow as a result of this bubble, and the more painful it is when the air comes out. And that’s what’s going to happen. And what’s going to be so much worse about the coming recession is that it’s going to be inflationary. We’re going to have stagflation except it’s going to be a recession, not just stagnation, and the inflation rate is going to be far higher than it was the last time we had stagflation, which was in the 1970s.

Peter Schiff is the author of Crash Proof 2.0: How to Profit From the Economic Collapse.

The economic and monetary disaster which seasoned prognosticator Peter Schiff predicted is no longer hypothetical-it is here today. And nobody understands what to do in this situation better than the man who saw it coming. For more than a decade, Schiff has not only observed the economy but also helped his clients restructure their portfolios to reflect his outlook. What he sees today is a nation facing an economic storm brought on by growing federal, personal, and corporate debt; too little savings; and a declining dollar.

Throughout the book, Schiff explains the factors that will affect your future financial stability and offers a specific three-step plan to battle the current economic downturn.