Market Seer – Peter Schiff recently said that if we don’t stop what the government is doing now – if we don’t Change , this Country will be an Economic Wasteland. ” We’re in a Gigantic Hole , the last thing we want to do is keep Digging it Deeper. ” – Peter Schiff
Schiff also mentioned There is No Recovery In Sight and that in ten years the US Dollar will Not be the Reserve Currency – that’s for sure , and the dollar will not buy as much as it does today. We’re going to have to make some serious changes in our policy. There’s going to be a substantial down-shift in the American Standard of Living , that’s the reality.
Because of the Fed , because of all the policies we’ve pursued , we’ve Lived Beyond our Means. We’ve run up Trillions of Dollars of Debt. We’re going to Need LESS Government Spending and a Higher Savings Rate. But, If We Do All The Right Things – then We Will Build the Sound Foundation and Have a Bright Future.
What’s happening in the US is a Sideshow. The Main Event is Overseas. The Markets are on Fire there , particularly in Asia. The underlying fundamentals of the US Economy have Worsened , we have more debt – look at how much debt we’ve incurred. The US Government is Not trimming itself down. They’re Issuing All This Debt – WHAT ARE THEY DOING WITH THE MONEY?
Speaking of WHO GOT THE MONEY? , listen to American Patriot – Rep. Alan Grayson ask Fed Chair Ben Bernanke just that:
Grayson: ” SO WHO GOT THE MONEY? – ” Bernanke: “I Don’t Know ” Half a Trillon Dollars and You don’t know.