PeterScgiffIn the first half of Tuesday’s COAST TO COAST AM show, “CEO of Euro Pacific Capital, radio host and author Peter Schiff  commented on the current gyrations of the government, as well as the  real financial position of the United States, and why he thinks we’re  headed for an implosion. Interestingly, he believes that raising the  debt ceiling is part of the problem  rather than the solution. “Default is inevitable…anyway. But we’re not  going to default because we don’t raise the debt ceiling. We’re going  to default because we do raise the debt ceiling,” he remarked,  explaining that eventually the US will have so much debt that creditors  are going to cease lending the country money. Yet right now, the US  doesn’t have to default because it can keep borrowing money from the  same people who owe it, he continued.

“Schiff suggested that the US go “cold turkey” on stimulus programs.  “We’ve got to let interest rates go up, and then, we’ve got to slash  trillions of dollars per year” in government spending including  entitlements, national defense, as well as eliminate entire departments  like Education and Energy, which could be managed by states, he said.  While he predicted the 2008 crisis and housing bubble, he believes that  an even bigger crash is coming due to the increased spending and debt.  What we’re facing is “an overdose on government stimulus, and death of  the currency, which is going to be the death of the economy,” he warned.”



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