By Tekoa Da Silva
I had the chance to connect with the outspoken CEO and Chief Global Strategist of Euro Pacific Capital, Peter Schiff. For over ten years now, Peter has been correctly warning investors to prepare for a major collapse to be brought on by staggering US & Western debts, and unrelenting currency
The system is essentially headed for a cliff Peter explained. When reflecting on observations made while running for U.S. Senate and serving as economic advisor to the 2008 Ron Paul campaign, he said that, “It’s hard to change [things]. Politically I think it’s going to take a massive collapse, and unfortunately it’s coming. So maybe in the chaos there will be an opportunity to affect change, but absent that massive crisis, nothing is going to change. We’re just going to keep on heading toward the cliff until we go over it. Then maybe we can repair the damage and pick up the pieces…Politically there’s going to be no way to alter our fate I think.”
In discussing the coming ultimate crash, Peter said, “A lot of people think the [real] crash happened in 2008. While my first book forecast everything that happened in 2008, that wasn’t the crash…we’ve had the stimulus and the bailouts, but we haven’t had the fallout yet. We haven’t had the collapse associated with that bad policy…It is coming, and I think it’s going to be far worse than what was experienced in 2008…We’re going to have to suffer the pain, and it might not be the pain of default, it will be the pain of massive deflation, where debts are deflated away, rather than simply defaulted on.”
Peter further added that the coming collapse will push much of America’s middle class and retirees deep into poverty. Said Peter,“The big pain will be…particularly [for] older people who are living off of pensions or other kinds of fixed income payments. People will see their savings erode away in value…They’re going to work very hard, but not be able to afford to buy much with their paycheck…What they do buy will mainly be food and energy, and it will probably be of much lower quality. People are going to have to ratchet down their lifestyles to the poverty [level] that Americans are going to ...