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Euro Pacific Capital’s Peter Schiff argues a euro-like crisis is headed toward the U.S. economy.
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Nearly every indicate a point to a renewed economic slowdown and now it looks like investors do not think that even Ben Bernanke can help.
Peter Schiff from Euro Pacific Capital is in shock five -- I get the impression.
That invest is no longer really believe that is Ben print -- ton of money it will do the economy back much good what are you suck well.
Absolutely that the problem is the Fed has already printed too much money.
No we're on the verge of QE3.
And I predicted QE read it gave the Fed announced QE2 because I do not only would QE2 not work.
But it would actually make the problem worse.
The problem is the Fed is trying to fight the market.
The market wants to restore balance to the economy.
Because of all the Mal investments that resulted from prior kiwi but the Fed won't let the market heal itself -- keeps giving us more kiwi.
It delays the pain but it makes it worse okay.
It's a political question.
As -- being asked frequently over the last couple of weeks all we better off now -- we won't four years ago what's your take on -- Well look at the national debt clock it just past sixteen trillion dollars were over five trillion dollars deeper in debt.
Then we were four years ago we've got nothing to -- -- How can we possibly be better off in fact we're so much worse off.
Wait till the bills come due weight that we have to pay this money back wait -- interest rates rise we'll see exactly how much worse off we are because it's a lot worse than people think.
Now Europe gloom and doom god forgive me for site -- but I that that's how you'll commonly referred to -- cameras are about not but that's -- -- -- realized a guy all right but we're realists.
If you're realist I want you to tell me when does the crunch come because he's not here yet.
This economy why does spanning a little bit in get so when's the crunch comes.
Well the crunch is gonna -- -- foreign creditors no longer want to finance this spending binge.
When the Fed and the government can no longer.
Lie about how bad inflation is when it gets so bad.
That there's upward pressure on interest rates the Fed could no longer resist market forces.
And then we're gonna have our European moment only it's going to be worse because we're deeper debt -- Europe we're less able to pay our economy is more screwed up.
We need a big dose of free market capitalism.
That's the only thing that's gonna fix the problem it's not going to be pain free.
But it will work but the snake oil that Ben Bernanke and Obama are paddling we'll never work I -- to I wanna timeframe.
When do credit won't stop lending about the money I'd be doing an idea whether it this year not a well.
But I'm not that Smart like it figure that out I would be standing on -- soapbox wedding none of these flights -- -- out of my got the Caribbean someplace.
But I don't know exactly what it's gonna happen but I can warning about it in advance I know what's gonna happen I do think it's gonna happen soon I mean I'm surprised.
We've gone on this long if you showed how -- the world is.
But you know maybe a year or two and we have a currency crisis at a sovereign debt crisis I can't see it going much longer than that and I hope it doesn't go much longer than that because the longer it takes for the crisis they hit.
The worst is going to be when it dots hi Peter Schiff always a pleasure thanks so much it was you again -- -- trust.
