Peter Schiff is predicting an economic collapse of the markets worse than 2008...and it could happen as early as tomorrow! Isn't THAT special?
"If the Fed ultimately comes through with QE3... it won't strengthen the economy, but it will weaken the dollar," Schiff said, noting that Bernanke's policies will eventually lead to a Greek style debilitating sovereign debt crisis where the dollar plunges and consumer prices and interest rates spike.
"We have a much bigger collapse coming, not just the markets, but of the economy. It's like what you're seeing in Europe right now only worse," Schiff said.
Apparently the debt bomb is about to go off. And its going to hurt. A lot. Sort of like a WMD but without all the noise and dust. At least I won't have to dust again. I hate housework even more than owing $691,000 dollars in government debt, which is the amount each family of four is in the hock for from government promises.
He goes on to say that things will get truly ugly when we hit our fiscal cliff and have to slash government spending across the board.
"People on entitlements like Social Security and Medicare... they're not going to get the benefits they've been promised. Government workers are going to have to take pay cuts... banks are going to fail... people are going to lose money, not just investors but depositors. The housing market is going to fall again."
So tonight it's some Glenmorangie over ice and AC/DC:
Commenter, RG, directed me to this awesome video.
"Run up a deficit, ignore the facts! Blame someone else, put up tax."
Besides, you didn't spend that. Someone else did that.
True. Can't argue with that.