Peter Schiff Explains How A US Depression Can Cause A Global ‘Death Spiral’

Source: RTAmerica – Peter Schiff explains how a US depression can cause a global ‘death spiral’

Notable excerpts:

From Peter Schiff:

“We are definitely headed for a real economic crisis in the United States. What happened in 2008 was just the opening act. The main event is still coming in.”

“The US is going to be held accountable for the trillions of dollars that we borrow and spend. And we are simply unable to pay it back. And we created a phony economy that is completely dependent on the ability to keep borrowing more money than we can pay back.”

“Cyprus is the tip of a very big iceberg.”

“American depositors are already suffering a deposit tax. It’s called quantitative easing. Zero percent interest rates is a way the government confiscates the interest you would ordinarily earn on your bank account. And quantitative easing means there is inflation, it means prices go up. We are paying a very severe deposit tax every year in the United States. Unfortunately, I think it is going to get larger as the years go on.”

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