Yesterday, Peter Schiff appeared on Russia Today America to talk about America’s phony economy, and what we can learn from the Cyprus bailout.
“We are definitely headed for a real economic crisis in the United States. What happened in 2008 was just the opening act… We have created a phony economy that is completely dependent on the ability to keep borrowing more money we can’t pay back. We have this phony economy that can’t create productive jobs, that is dependent on the Fed printing, on borrowing, on trade deficits. But we can’t do this forever, and the longer we do it, the bigger the disaster when it ends.”