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Euro Pacific Capital’s Peter Schiff on the current state of debt in Europe and whether the economies can correct the situation
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Shed debt for Europe -- -- angle of local does not think so in fact she was very clear about it is exactly what -- -- I don't see total debt liability as long I -- on a live.
-- the company from Weston Connecticut now is Peter Schiff with Euro Pacific Capital -- -- -- I know that you're essentially you're at your doom and gloom guy you think Europe's -- in Boston -- America's going -- until we got all of that but here's what -- say.
I say that eventually angle of local will.
Open -- -- wallet and that will be some kind of money printing operation in Europe to stave off the inevitable in the short term.
-- -- -- While you may be right it's not going to be good news for Europe it would be the wrong thing you know Angela Merkel I guess he's trying to politely say.
Over my dead body -- and you know.
I Yi Yi -- you've got to respect that that is the correct position that's what needs to be -- we need fiscal discipline.
In Europe not bail -- bailout -- simply engender more of the same bad behavior that got them into trouble and more important.
The moral hazards will in -- other members of the Euro zone.
Making it that much harder to keep the union together I'm with you paid up and I I've really I am with you on this because at the endless bailouts on all this and not the way to go but up put it -- if there is no bailout clinical this big European summit this week if there is absolutely no bail -- and they crash.
It really is a crash isn't I mean.
You know all forgive the expression all hell breaks loose doesn't it's not -- It depends -- -- some pain is is good if it leads to a cure rights that all the time that medicine often doesn't taste good but it could work.
And I think it's going to be a lot more effective if they can rein in the excesses in countries like Greece or or Spain or Italy but look let's look hope closer to home.
Look at a harbinger of things to come in Stockton California with Stockton is suffering from the same problems -- Greece they over promised overspent during the real estate boom.
They're bankrupt they can't pay their creditors about what's gonna happen when this plays out and other US cities in other in US states and you know everybody is talking about Spanish interest rates at 7%.
Do you think the US government can service our national debt if our interest rates -- 7%.
Not a chance so so what's happened in America when we have to be accountable for our debt I see appoint Peter again but what do you -- -- what asset do you put your money in now is -- gold.
Gold up this Mardi dot but the volt looks good no central banks can print goal so whether -- bearish on Europe or America or Asia whatever courtesy you don't like you -- the like gold.
Which is the alternative to all currencies it is real money.
Nobody can predict its supply will always be scarce it has intrinsic value I think it's gone a lot higher I think the gold mining stocks -- steel I've been saying that for awhile and they're still very cheap.
But one day I think that's -- indicates that people need to take advantage of the opportunities when they present themselves alright Peter -- this is -- moment in the sun I do believe leadership thanks so much for -- not yet but it's common sense -- -- got -- Brought -- to thank you very much and it's.
