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. Thats 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. Youre 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 $17.2 trillion federal debt and the Feds never ending money printing. Currently, Yellen and The Fed are buying $65 billion per month of Treasury and mortgage bonds and will increase or decrease this number as they see fit. According to Schiff, this exit strategy is not credible and will unravel. 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.
Posted on: Sun, 30 Mar 2014 12:34:05 +0000
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