BlogWatch: Economy (The Crash)

Boom 2 Bust
Peter Schiff Warns Of Coming Dollar Collapse
Last week, Russia Today's Marina Portnaya spoke to Peter Schiff, president of Euro Pacific Capital and author of Crash Proof: How to Profit From the Coming Economic Collapse (Lynn Sonberg Books) and The Little Book of Bull Moves in Bear Markets: How to Keep Your Portfolio Up When the Market is Down (Little Books. Big Profits), about his outlook for the U.S. economy. Notable excerpts from the exchange included:

The politicians don't want to listen to my advice, because my advice is that they get out of the way, and they let the recession run its course. That Americans have to have some discipline, on their spending and their consumption. That what we need in this country is more savings, and less borrowing. We need more production, and less consumption. But everything the government is doing now, all the economic stimuli, all the bailouts, they're all designed to perpetuate the problem, to get us deeper into debt, and all they're doing is throwing gasoline on a fire%85

I think we're on the verge of another major crisis, that's far greater than the one the government is trying to deal with now, and that is the coming collapse in the value of the U.S. dollar. I think we're going to have a run on our currency. I think the dollar is going to completely fall through the floor. And that's going to unleash problems much greater than the ones we have now,

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The Coming Financial Collapse of America

America must borrow more than a billion dollars a day to help pay the interest on our national debt! What does this mean for our future? How can we protect our families? Hear expert economic analysis from Larry Burkett, Ed Meese, US Senator Trent Lott, and others.