Peter Schiff: We’re Heading For A Crisis Worse Than 2007
Washington is engaged in a massive “campaign” to make Americans believe the economy is in recovery. But in reality the United States is at the brink of a devastating economic crash that will cause catastrophic market losses and impoverish millions.
That’s according to Peter Schiff, the best-selling author and CEO of Euro Pacific Capital, who delivered his frightening warning to investors in a recent interview on CCTV.
“The problem with politicians is they don’t want to level with the voters and tell them how bad the economy really is and what the cure for the disease is,” Schiff said.
The “disease” Schiff refers to is a toxic combination of our massive $16.4 trillion debt and the Fed’s continued devaluing of the dollar through its controversial 7-year long “easing” program.
The Fed is currently purchasing $75 billion a month in Treasury and mortgage bonds, a form of stimulus.
President Obama and like-minded politicians claim this stimulus has pushed the economy forward, boosting GDP and keeping inflation low.
But Schiff says “it’s another lie.”
In fact, according to Schiff, the government has done nothing more than create a “phony” economy that is “completely dependent on the ability to borrow more money that we can’t pay back.”
“The Fed knows that the U.S. economy is not recovering,” Schiff said. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”
“The crisis is imminent,” Schiff said. “I don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”
Peter Schiff, the best-selling author and CEO of Euro Pacific Capital.
this video is from Nov 2006 way before 2008 meltdown!