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. Schiff argues that the government has done more borrowing than paying and that is the reason why we are in an economic crisis. The stock market is not gaining value, is the value of our money that is decreasing.
What are the consequences of this debt?
Interest rates are very high. Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, “wiping out all savings and sending consumer prices into the stratosphere.”
Picture by 401(K) 2013