Schiff: 2/3 of America to Lose
Everything Because of This Crisis

By Money Morning Staff Reports

I have been echoing the same thing that Peter Schiff says in this article.

There is no way that the USA is going to come out of this financial mess it is in without out a catastrophic event occurring.

There has been little to no attempt at all since Obama took office to straighten out the national debt. His solution to this quagmire is to print more money. That is only putting a very small Band-Aid on a gigantic open wound.

As I have repeated many times before; “We always have to pay the Piper”!

The following article is well worth reading.

A record breaking stock market is distorting a frightening reality: The U.S. is being eaten alive by a horrific cancer that will ultimately destroy the economy and impoverish the vast majority of its citizens.

That’s according to Peter Schiff, the best-selling author and CEO of Euro Pacific Capital, who delivered his harsh warning to investors in a recent interview on Fox Business.

“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said. “You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Schiff says that, despite “phony” signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed’s never ending money printing.

Currently, Yellen and The Fed is buying nearly $1 trillion of Treasury and mortgage bonds a year. That’s about $75 billion per month against a budget deficit that is about the same level.

According to Schiff, these numbers are unsustainable. And the Fed has no credible “exit strategy.”

Eventually interest rates will rise… and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.

Read the article in its entirety at:

http://moneymorning.com/ob-article/schiff-us-will-win-currency-war.php