U.S. 'addicted to monetary heroin,' headed for a crash: Schiff

[CG6468]

U.S. 'addicted to monetary heroin,' headed for a crash: Schiff

CTVNews.ca Staff, August 1, 2013 12:22:00 PM

According to the latest economic data, the U.S. economy grew at a better-than-expected rate of 1.7 per cent between April and June of this year, but at least one analyst isn't buying the government's numbers.

"It's not really information, it's more like propaganda," CEO of Euro Pacific Capital Peter Schiff told CTV's Canada AM on Thursday.

Schiff says the government is painting an erroneously rosy picture of an economy which he believes is actually on the brink of a crisis far worse than that of 2008-2009.

The crisis, Schiff believes, will be caused by a 'toxic' combination of America's massive $16.4 trillion debt and the devaluing of the U.S. dollar through the controversial quantitative easing program that has seen that country's central bank purchasing billions in bonds every month, as a means of stimulating the U.S. economy.

"If you look at the fundamentals, if you look at the contracting labour force, the declining use of energy, the explosion of poverty in America, and income inequality, the record numbers of food stamps and disability, all the part-time jobs that are now replacing the full-time jobs that we've lost, all of this is consistent with a shrinking economy. But the government won't admit it," Schiff said.

Circling the blammo drain

[Dori]

"If you look at the fundamentals, if you look at the contracting labour force, the declining use of energy, the explosion of poverty in America, and income inequality, the record numbers of food stamps and disability, all the part-time jobs that are now replacing the full-time jobs that we've lost, all of this is consistent with a shrinking economy. But the government won't admit it," Schiff said.

Schiff isn't the only one saying this either....

What I never hear about though, is if the worst happens, how can we prepare ourselves for the aftermath?

What can we put into place now to lessen the impact?

[CG6468]

Schiff isn't the only one saying this either....

What I never hear about though, is if the worst happens, how can we prepare ourselves for the aftermath?

What can we put into place now to lessen the impact?

We have no clue what the aftermath would be.

Money would just be paper and metal. Bank accounts would be simple numbers.