Friday, May 20, 2011

Peter Schiff on the inevitable collapse

He's spot on that raising the federal debt ceiling will just delay the collapse and make it worse to boot. Unfortunately few politicians want to be held personally responsible for firing federal employees and cutting payments to retirees and unemployed workers, so it's doubtful that there will be a controlled rollback. Schiff is predicting that the ultimate outcome will be hyperinflation - in other words, that the Federal Reserve Bank will keep printing money indefinitely.

1 comment:

Cathy said...

Well. That's cheery.
Riots in the streets - guaranteed.
I just hope my year's supply of MREs arrives in time.