Thread: Peter Schiff Feb 05 - 09 Fox Business - Countdown to Closing

Peter Schiff Feb 05 - 09 Fox Business - Countdown to Closing Bell pt 1/2

http://www.youtube.com/watch?v=SsGJLRL8 ... re=related

Watching this video, Schiff makes his point, but what many commenters have posted is whether Liz Claiman is hot or not. I guess no one has a clue to what the future could hold for this country.
Per your previous post of Marc Faber, we cannot keep printing debt obligations for other countries to purchase when the basis of their economies relied on the now unemployed US consumer who no longer needs chachkis produced in these countries (China is suffering the worst). So how can we expect that foreign countries buy our debt when we have cut those countries off at the knees, and our unemployment rate and personal debt rate have skyrocketed? Why should any country believe that Americans can keep paying that debt? They had a bad business model to put that much emphasis on continued American wealth, when all that was was a house of cards that has crumbled.
The whole insanity is nothing but greed. Banks leverage $1 of deposit into $30 in loans to people obviously unable to repay. Unfortunately, it seems the government is relying on the same idea. Last I heard was that every living, breathing human in this country owed over $550,000 in debt interest payments and it may be higher every day.