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<blockquote data-quote="Upsmule" data-source="post: 1174970" data-attributes="member: 45962"><p>It's already happened in Detroit. How many mor cities and states will begin to crumble sooner rather than later?</p><p></p><p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Arial'">"I think we are heading for a worse economic crisis than we had in 2007," Schiff said. "You're going to have a collapse in the dollar...a huge spike in interest rates... and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it."</span></span><span style="color: #000000"><span style="font-family: 'Arial'">Schiff says that, despite "phony" signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed's never ending money printing.</span></span><span style="color: #000000"><span style="font-family: 'Arial'">Currently, Bernanke and company is buying $1 trillion of Treasury and mortgage bonds a year. That's about $85 billion per month against a budget deficit that is about the same level.</span></span><span style="color: #000000"><span style="font-family: 'Arial'">According to Schiff, these numbers are unsustainable. And the Fed has no credible "exit strategy."</span></span><span style="color: #000000"><span style="font-family: 'Arial'">Eventually interest rates will rise... and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.</span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Arial'"></span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Arial'"><a href="http://moneymorning.com/ob-article/schiff-us-will-win-currency-war.php?code=3243" target="_blank">Money Morning</a></span></span></p> <p style="text-align: left"><span style="color: #000000"><span style="font-family: 'Arial'"></span></span></p></blockquote><p></p>
[QUOTE="Upsmule, post: 1174970, member: 45962"] It's already happened in Detroit. How many mor cities and states will begin to crumble sooner rather than later? [LEFT][COLOR=#000000][FONT=Arial]"I think we are heading for a worse economic crisis than we had in 2007," Schiff said. "You're going to have a collapse in the dollar...a huge spike in interest rates... and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it."[/FONT][/COLOR][COLOR=#000000][FONT=Arial]Schiff says that, despite "phony" signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed's never ending money printing.[/FONT][/COLOR][COLOR=#000000][FONT=Arial]Currently, Bernanke and company is buying $1 trillion of Treasury and mortgage bonds a year. That's about $85 billion per month against a budget deficit that is about the same level.[/FONT][/COLOR][COLOR=#000000][FONT=Arial]According to Schiff, these numbers are unsustainable. And the Fed has no credible "exit strategy."[/FONT][/COLOR][COLOR=#000000][FONT=Arial]Eventually interest rates will rise... and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone. [url=http://moneymorning.com/ob-article/schiff-us-will-win-currency-war.php?code=3243]Money Morning[/url] [/FONT][/COLOR][/LEFT] [/QUOTE]
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