(New Agora & The Subsidiarity Times) In a radio interview promoting his new book The Real Crash: How to Save Yourself and Your Country, financial analyst and former candidate for the United States Senate, Peter Schiff, warned Americans that the real crash he has been warning about has not happened yet and will likely happen soon.
“I described what was going to happen to the U.S. economy when the housing bubble burst, but that was not the crash I was trying to get people to guard against; it was going to be the next wave that was going to come, that was going to follow the government’s response to the smaller crash that happened first. So I just reiterated that in this book that the actual crash, the one I have been forecasting all along, hasn’t happened yet and I think its coming soon” said Schiff to radio talk show host Brian Wilson in the May 30th, 2012 interview.
Following up Schiff’s point, Wilson then asked him “You point out in the book, you give the history of how we got here, you point out how if we continue doing what we’re doing: we’re broke, we’re in debt up to our kazonkas, we’re in hoc to China and all the rest of that, we’re printing fiat money, and all the rest of that, and we’ve talked about that a lot here on this station, including our conversation with you and if we continue doing this, we’re going to have this currency/sovereign debt crisis thats going to just blow up and rain all over the place, its going to be very bad. There is another road to take in this fork in the road and as you point out in the book, that one has got a much happier ending, its a little rocky at the beginning, but its a much happier ending, but, and here is the conundrum as I see it, the dichotomy, is that road, while it has a happier ending, has to go through hell involving politicians making decisions and doing things that they absolutely have never done in the past and, quite frankly I don’t think have any intention, of doing in the future as long as there is a can to kick down the road. So where does that leave us?”
Schiff responded with a tough, but honest assessment of the situation: “(It leaves us) between a rock and a hard place. Its not going to be easy. I mean, doing the right thing never is easy, look if it was easy, Europe would have done it. But its not easy and we have to understand that. But the alternative is actually worse, I mean yes, if we opt for the easy road we postpone the pain, but we ultimately are going to feel it and its going to be worse. Now for the politicians, they would rather have the pain tomorrow then today because tomorrow is after the election and today is before it. But for Americans who care about their country and who care about their children and their grandchildren, you know, lets get it over with! Lets do the right thing now! Lets stop making these mistakes so we can start fixing the mistakes and preparing the country for a future prosperity instead of continuing to dig ourselves into a deeper hole that is so much more difficult to get out of!”
© 2012 New Agora and The Subsidiarity Times. Audio courtesy of Brian Wilson and the Afternoon Drive Show; re-published with permission. All rights reserved. This material may not be re-published, re-broadcast, re-written, re-transcribed or re-distributed without written permission from author.
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