Peter Schiff CEO of Euro Pacific Capital, gave an interview on RT’s Capital Account. Below is the video clip but the main points are as follows:

  • We are in intensive care and zero interest rates prevent the cure.
  • We need higher interest rates, more savings, lower property prices, less government spending and to balance the books.
  • Europe is the warmup and America is the main event.
  • We are where the real sovereign debt crises is going to be and it will be enormous.
  • It was going to happen because of mistakes government made in the past, but it will be worse because of mistakes made in the present.
  • We haven’t had a free market for a long time and is getting less and less free.
  • The more government gets involved in the economy, the more they screw it up.
  • We are going to have an inflationary depression worse than the 1930s. Everything the government is likely to do will exacerbate it.
  • The more government stimulate, the worse it gets.
  • We are a lot sicker than we were in the 1930s. We know what the cure is but we can’t get the politicians to allow the economy to swallow it.
  • We are in a climate where real tyranny can flourish. Look at what happened in Weimar Republic, Germany. After hyper-inflation we got the Nazis.
  • We are going to have civil unrest and rioting.
  • Ultimately we will have price controls even though government currently are denying we have inflation, because prices will be so high.
  • Government may start to silence the voices of people. They can already classify anyone they want as a terrorist.
  • Young people are getting the message now. So there is hope.
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