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Peter Schiff Shared: The debt ceiling will soon rise to $31.4 Trillion, almost $90K per person, or $360K per family of four. How many American families have their share? The debt is unpayable through taxation. Congress lacks the guts for an honest default. The debt will be repudiated by inflation.
Community Response: What would you do if you were the one in charge of fixing this?
He’d obviously go for a default and kill any chance of any American prospering into the future. He don’t care, he has loads of money.
Fiat currency is the biggest bubble in human history. Who cares about the debt ceiling? It will just keep going up and up. And who are we indebted too? Aliens? Fiat is infinite. So doesn’t matter really.
If matters. We run over 60% of our government each year on borrowed money. Sooner or later people will realize we will never pay it back/may default/will inflate it away and they will stop buying the bonds. Rates will rise through the roof to entice buyers then they will.
PeterSchiff if you know governments are excellent at depreciating their own currency – as they use reckless leverage, why are you so bitter about cryptography & its currencies when it solves the very thing that’s hurting working people?
Why’d you stop talking about Bitcoin? Thanks for saving it by tweeting the literal bottom again.
“$90k per person” That’s not how taxation works. Are you new to this? We have this thing called progressive tax rates, you should educate yourself.
Makes sense everyone should sell bitcoin and buy gold.
Peter is selling doom and gloom. Don’t let him scare you.
Meanwhile, paper gold is selling like hot cakes.
I think they should raise it by 10 trillion draw the water while the well isn’t dry, I think that the taper to bring about a global depression which then would lead to an order war and if you think shortages are bad now we haven’t seen nothing yet.
Could we equate that 90k dollars as going toward an overall better quality of life? Maybe for America to afford it, ever-increasing debt is the only way.
What needs to be done is disbanding money-put agencies and Departments like the ATF and Department of Ed, turn all those fed buildings into commercial rent space and have all the rent profits pay down the debt.
Unfortunately, gold will make things worse to have, Bitcoin will hedge against inflation.
I’m no historian, but I do seem to recall learning in economics that crushing indebtedness of various societies throughout history were addressed in one of two ways: 1) inflation or 2) war.
When robots run the world will inflation just die. The singularity by 2045 with 80Trillion dollars debt – followed by 200 years of progress every 10 years. I mean this is the crap guys like Ray Kurzweil get on about at Google. What if they are right? We know its hell if they are wrong.
Isn’t that what you want since that is what you tell every investor to prepare for? If they dealt with inflation that would ruin the portfolio you have been selling for years now.
FED will actually do nothing to stop the inflation. The debt ceiling is up, but USD is rising perfectly logical.
This has been going on for past 12 years leading to rise in US Equities. If Fed resorts to same continued behaviour implies continued BULL market in US Equities, correct? Please comment why it will be different going forwards?
