Leading Economist Peter Schiff: US in Worse Shape Than in 2008; We Are In As Bad or Worse Shape Than Greece (Video)
Doug Ross posted this earlier today–
Peter Schiff, president of Euro Pacific Capital, announced today that the US economy is in worse shape than it was in 2008. Schiff said, “You can’t have an economy based on spending borrowed money. You can’t consume your way to wealth.”
Tell that to Barack Obama and Pelosi:
Schiff says the worst is yet to come.
Yahoo Finance reported
Fear of a sovereign debt crisis in Europe resurfaced Tuesday, sending stocks tumbling around the globe. In the U.S. the Dow shed 213 points and the S&P lost 28 points. Meanwhile, gold rose to its highest level in 2 weeks, hitting $1165 per ounce at its intraday peak.
In other words, today was a great day for Peter Schiff, president of Euro Pacific Capital.
“A lot of people were confused – they thought the market going up was somehow ratifying what the government had done – that the stimulus and bailouts were good and the economy was improving – it’s not,” Schiff says. “The economy is in worse shape than in 2008.”
Rather than resolved the crisis, all we’ve done is papered over problems in the banking system with “phony accounting” and “dug ourselves deeper into debt,” says Schiff, a longtime deficit hawk.
The crisis of 2008 was merely the “overture” to the “real crisis” Schiff (still) sees coming: “The real crisis is going to be a currency crisis, a funding crisis, a sovereign debt crisis – and that’s when we have to pay the piper,” he says. “We’re in very bad shape. Sovereign credit risk in the U.S. is just as great — if not greater than [in] Greece.”