Mother of All Bubbles Too Big to Pop – Peter Schiff

By Greg Hunter’s USAWatchdog.com 

Money manager Peter Schiff correctly predicted the financial meltdown in 2008. Now, 10 years later, what does Schiff see today?  Schiff says, “I predicted a lot more than just the stock market going down back then.  I predicted the financial crisis, but more importantly, I predicted what the government would do as a result of the financial crisis and what the consequences of that would be because that’s where we’re headed.  The real crash I wrote about in my most recent book is still coming. . . . This is the third gigantic bubble that the Fed has inflated, and when this one pops, it’s not going to be ‘the third time is a charm.’  It’s going to be ‘three strikes and you’re out.’  I think this bubble is too big to pop.  I think it’s the mother of all bubbles, and when it bursts, there is not a bigger one that the Fed is going to be able to inflate to mask these problems, meaning we can’t kick the can down the road anymore.”

This time, the crisis is going to hit everyone in the wallet. Schiff goes on to say, “I think the problem we are going to be confronted with is going to be much worse than a financial crisis.  It is going to be a dollar crisis, and it is going to be a sovereign debt crisis where the bonds people are worried about are not some sub-prime mortgages. . . . It’s going to be the U.S. government that people are worried about and the solvency of the U.S. government and the Treasury bonds.  If it’s a dollar crisis and people are worried about the dollar, the only thing worse than owning a dollar today is owning the promise of being paid in dollars in the future.  I don’t think we have the courage to default and admit to our creditors that we don’t have the money and we can’t repay.  I think we will create all the money that we need so we can pretend to repay, but what we end up doing is wiping out the debt with inflation.”

So, how long can it go on? Schiff says, “How high can the debt go?  I don’t know and you don’t know. . . .How many straws can you put on a camel’s back?  You don’t know until you put that final straw that’s one too many and you break his back.  So, can we go to $25 trillion in debt?  Maybe.  At some point, we are going to break the back of the camel with all this debt.  Then we are going to find out how much debt we can pile on, and it’s not going to be pretty.  Everybody is going to lose.  Everybody is going to get wiped out who has been partying in the stock market, the bond market and the real estate market.  The dollar is going to tank, and purchasing power is going to get wiped out.”

Inversely, Schiff says it is the same with the suppressed gold and silver markets. Schiff contends, “They can’t keep doing it, and it will end.  It’s just like how much debt can we take on.  It’s not an unlimited amount.  We will know when we get there.  How long can they keep the price of gold suppressed?  We will know when we get there.  At some point, the price is going to explode because there is real physical buying, and all that paper selling can’t camouflage that. . . . People don’t trust fiat currencies . . . . More and more people are looking for alternatives, and the real alternative is gold.  When they embrace it, it’s going to overwhelm central banks’ ability to suppress the price.  In the meantime, enjoy the gift that they are giving.”

Join Greg Hunter as he goes One-on-One with money manager and financial expert Peter Schiff, founder of Euro Pacific Capital.

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After the Interview: 

There is free information and analysis on both of the Schiff websites, SchiffGold.com and EuroPac.com.

 

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Comments
  1. I.O.U.

    The question always has been not if the system would collapse but when. Now that the exchange system is global and fully interconnected, predicting when is almost impossible because the system is incredibly complex, and human inertia and momentum rarely shift quickly.
    Yet the breaking point might not even be noticeable. The colonial Americans saw the gradual degradation of the continental, but there was no breaking point that could be marked on the calendar.
    An exchange system based upon common mediums of exchange has always depended solely upon confidence. Nothing more, nothing less. The modern exchange system will degrade continually, but will not collapse until a significant portion of the participants lose confidence. What will cause that final loss of confidence is unknown because human nature is the primary element in controlling that confidence. When fear and uncertainty with respect to a medium of exchange rises to a breaking point, then confidence will evaporate and the medium will stop circulating in any meaningful manner.
    MUCH MORE;
    http://www.simpleliberty.org/mr/preface.htm

    • This sceptred isle

      The butterfly flapping its wings in Jamaica will cause an avalanche in the Himalayas.

    • Paul ...

      I.O.U. … The same question can be asked about bitcoin and bitcoin cash … not “if” the bitcoin system will collapse … but “when” will it collapse … a monetary system based upon a common medium of exchange has always depended upon confidence (now what kind of confidence can people have in a currency that jumps up and down with such extreme fluctuations? … only Gold and Silver are universal, convenient, cheap, not subject to violent fluctuations, and 100% reliable!

  2. Foxtrot Alfa

    America’s Righteous Russia-gate Censorship
    November 14, 2017

    Exclusive: Arriving behind the anti-Trump “resistance” and the Russia-gate “scandal” is a troubling readiness to silence dissent in the U.S., shutting down information that challenges Official Narratives, writes Robert Parry.

    https://consortiumnews.com/2017/11/14/americas-righteous-russia-gate-censorship/

  3. Foxtrot Alfa

    Does Russia Now Have Superior Military Technology?
    The Saker, Nov 4, 2017
    http://russia-insider.com/en/does-russia-now-have-superior-military-technology/ri21463

    • Matt In Pa

      Russia makes superior weapons with a lot less in there budget. Making the most of what they can afford. Maximizing FULL potential.

      • Greg Hunter

        Matt,
        Don’t think everything you are told on either side is totally true.
        Greg

        • Silence is Golden

          We can’t live in denial forever.
          “Invulnerable” is an appropriate summation of the outdated state of mind of the collective with regard the US Armed Forces.

        • tin foil hat

          Grey,
          The Wehrmacht was thought to be invincible until it was not. The better question is why should good American boys risk their limbs or make the ultimate sacrifice for the Federal Reserve.

  4. L C Evrett

    God does not make people suffer. He loves them, wants what is best for them, and will soon bring about major changes on the earth. Sickness, the problems of old age, and death will be gone, and obedient people will live forever—”right here on this planet.” Read; Revelation 21:3, 4; Job 33:25; Isaiah 35:5-7 and 65:21-25.
    “Now you know what to live for.”

    • Greg Hunter

      Thank you LC for reminding us what is really important!!
      Greg

    • Realist

      Really? Why is ‘God’ there letting people suffer for his or her entire existence?

      Fake news from you and getting old and sick is part of being a human, stop trying to change evolution. Live forever, what a farce!

      • Greg Hunter

        Realist,
        You are so pompus you do not realize how stupid and unenlightened you really are:
        Isaiah 55:8-9King James Version (KJV)

        8 For my thoughts are not your thoughts, neither are your ways my ways, saith the Lord.

        9 For as the heavens are higher than the earth, so are my ways higher than your ways, and my thoughts than your thoughts.

      • Jerry

        Realist.
        You’ve been brainwashed. Read the book “Darwin’s Black Box”. Evolutionary theory is compared to a tornado going through a junk yard creating a complex computer. Nothing happens by chance. Not even the big bang. But believe whatever you want, right up to the time you take your last breath.

      • Mario

        Hi Realist

        A lot of people have asked me why God let’s bad things happen or they have said if there is a God, He must be sleeping.

        You have to understand the whole story for the answer to make sense. However it has to do with a few things and one of them is something called “free will”. God doesn’t interfere with our decisions unless we pray for Devine intervention. God can and does intervene in situations sometimes. Why not all the time? I’m not sure. I believe it has to do with the “big picture” and we only see part of the picture. Bad things happen to both good and bad people.

        Another thing that has to be understood is this is a “fallen world.” If there is good there is also evil. Satan is real and he is wreaking havoc in this world. Satan’s biggest accomplishment is having people believe that he doesn’t exist.
        We know how this all ends as it is written in the Bible. God defeats Satan once and for all. He has already done this through Jesus and the cross.
        Praying that you have a real encounter with God/Jesus.
        Best regards
        Mario

      • Picomanning

        If you understand Christianity you’ll understand that “we the people” are living in THIS world, denying Him and how we ought to live. As a great atheist reminded me, “There are no contradictions”.

  5. L C Evrett

    The Bible shows that present harsh conditions will not go on forever. Read Psalm 11:5 . See how God feels about those who love violence or Psalm 37:1-4 to point out God’s encouragement not to take it upon ourselves to repay in kind but to trust in him. The words of Psalm 72:12-14 show how Jesus Christ, the greater King Soloman, now ruling as our heavenly King, feels about innocent people who suffer violence.

    Some people have lived through one conflict after another as contending factions fought for control. They take for granted that war and its aftermath are a part of life. The only hopeful prospect they see is that things might be better for them if they could escape to another land. But most of them never succeed in doing that, and a number who have tried have lost their lives in the attempt. Those who do get to another land often find that they have simply exchanged one set of problems for another. Psalm 146:3-6 might be used to help such people to place their hope in something more reliable than emigrating. The prophecy at Matthew 24:3, 7, 14 or 2 Timothy 3:1-5 might help them to see the bigger picture and the meaning of the conditions they are enduring, namely, that we are living in the conclusion of this old age of things. Such texts as Psalm 46:1-3, 8, 9 and Isaiah 2:2-4 might help them to realize that there truly is hope for a peaceful future.

    • Tommy

      There will never be peace until the second coming.

      • Deanna Johnston Clark

        Yes, until there is concord and forgiveness in the deep human soul….otherwise peace is just war by other means.

    • Realist

      People need to change the situation, not God

      • Greg Hunter

        Realist = Atheist
        Greg

      • Neil

        Unfortunately Greg is not receptive to comments not in agreement with his own. It does come across as bigoted or churlish but it is as he says his site to do as he pleases. This attitude makes his reporting of limited value though since no-one can be challenged and develop any better understanding than they had before. It does illustrate to outsiders why typically American’s can’t make any progress with their predicament however. There are just far too many people deeply enmeshed in the matrix to see their way out of this mess. Mention any of the culturally reinforced trigger words and measured reason goes out the window. Most of them have no idea how conditioned the are and how counter-productive their reflexes are. It is almost tragic but individually and collectively they just don’t have the mental tools to focus on the problem and generate solutions. This is why t