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yeah well I think they'll get to the bottom of it but it just again it just shows you how vulnerable our society can become and it's going to happen more and more there's a much bigger economic collapse coming and people have to recognize that just because it hasn't happened yet doesn't mean it's not going to happen do you think we'll see a stock market crash stock market can always crash I mean it's very expensive because in order to prevent the stock market from crashing they'll just print a bunch of money and so we end up with a dollar crash instead of a stock market crash and that that's what I'm more worried about the disaster that we're headed towards in the future is going to be not only much worse than what we experienced in ' 08 but much worse than it would have been had the government done the right thing and and not interfered in the process and allowed for an even bigger decline in the stock market allowed for an even bigger decline in the real estate market and there's a commercial real estate crisis I think the entire banking system is completely insolvent right now it could collapse any day the country is in a lot of strouble we have been able to succeed in kicking the can down the road we've delayed the you know that inevitable collapse it's coming and every time we delay it we just make it worse today we are delving into the economic predictions of a man who has been both lauded and criticized for his audacious forecasts Peter Schiff if you're familiar with the financial realm you'll know that Schiff openly shares his views on the looming economic collapse here's the exciting part he also has strategies that he believes can turn you into a millionaire during the turmoil so stay tuned because you won't want to miss this there's a much bigger uh you know economic collapse coming and people have to recognize that just because it hasn't happened yet doesn't mean it's not going to happen and people should try to be prepared for it Peter schiff's perspective on an impending economic collapse is rooted in his analysis of financial systems and government policies he argues that the global economy particular ularly the US economy is fragile due to excessive debt unsustainable consumption and prolonged government intervention shiff often Likens the economy to a drug addict dependent on monetary drugs like easy credit and government stimulus rendering it unable to function normally without them schiff's main concern is that the government and central banks have been postponing the consequences of poor economic policies by injecting more liquidity increasing debt and further distorting the economy instead of allowing the market to self-correct during crisis he warns that this cycle of growing debt and artificial consumption is unsustainable predicting a massive economic correction shift believes this correction will result in severe economic turmoil potentially worse than past recessions one of schiff's most critical views targets government spending and entitlements such as Social Security and Medicare arguing that these programs are unsustainable and comparing them to Ponzi schemes before we dive back into Peter schiff's insights make sure to subscribe to our channel for more in-depth analyses and updates on crucial Financial topics your comments also help us tailor our content to your interests so feel free to share your thoughts below now let's get back to Peter Schiff and his compelling predictions uh it was you know it was a horrible deal to begin with but again you know the public was duped into it uh they believed the lies the government was telling them about how this was a big insurance plan and the government was supposed to take the money and invest it so that the investment returns were supposed to pay the benefits right it wasn't supposed to be a Ponzi scheme but of course it was a Ponzi scheme from day one the government lied to the public about the nature of Social Security you it was really a gigantic fraud they tried to make it sound like it was an insurance plan that's why they call it premiums beneficiaries trust funds but the whole thing was a lie from the very from the very beginning and it's about time we we told the truth about social security I mean it's too late now but we should have told the truth decades ago Peter shiff argues that programs such as Social Security and Medicare are funded by the taxes of current workers which are then used to provide benefits to retirees as the population ages and the number of workers per retiree decreases the pressure on these programs will become increasingly unsustainable shiff advocates for major reforms including means testing benefits and eventually phasing out these programs to lessen the burden on future Generations nobody sees the relationship between the borrowing of the money and the inflation that comes down the line and how that impoverishes them anyway I mean the inflation tax is how we're paying for all of the government spending that we're not paying for with taxes because we have to pay for it somehow we don't get any government for free the only question is how do we bear the cost and it's actually cheaper to pay the taxes than to suffer the inflation inflation taxes is actually worse inflation is another major concern for Schiff who views it as a hidden tax on the public he explains that when the government spends Beyond its means and finances deficits by creating more money it leads to inflation this devalues the currency reducing the purchasing power of people's savings and wages Schiff argues that this form of Taxation is more damaging than direct taxes as it distorts economic signals and worsens underlying economic problems he believes that the extensive money creation during the covid-19 pandemic has left substantial liquidity in the system further contributing to these issues tremendous amounts of money was created during Co and we've barely you know withdrawn uh much of that liquidity that's it's still there and now they're adding to it and it's going to continue because the the interest burden on the national debt is already now about a trillion dollars a year it's going to be two trillion by the end of next year the government can't pay that and it's not going to stop there I mean we got almost a $35 trillion national debt but but as that M that debt matures it has to get rolled over at higher rates Meanwhile we're running $2 trillion per year plus deficit so we're adding a couple of trillion and that's you know without a official recession you know the potential is for the annual deficits to go to four or five trillion you and then we got to finance that uh so the numbers are just so large at this point with the national debt nearing 35 trillion dollar and interest costs escalating shift forecasts that annual deficits could soar to $4 to5 trillion placing a financial strain on the government that it cannot manage He suggests that in this scenario inflation becomes the sole viable solution for bankers and politicians shiff argues that paying off the debt is not feasible and there's a lack of transparency and willingness to default as a result the only recourse is to generate inflation he believes that policy makers will blame inflation on external factors like greedy corporations OPEC or foreign leaders while avoiding accountability for its Origins so do you think a stock market crash is imminent shift's perspective might surprise you stock market can always crash I mean it's very expensive uh and so if it were just to revert to the mean that's a big crash if it went there quickly so it's always possible but it seems unlikely because the FED can always interfere by creating more money and so we end up with a dollar crash instead of a stock market crash and that that's what I'm more worried about is the dollar crashing not the stock market because in order to prevent the stock market from crashing they'll just print a bunch of money and so it's it's the dollar so the the the price of your stocks don't go down that much but the value of the money that you get when you sell your stocks that's what goes down or the value of the dividends to the that you have a dividend on your stock of course a lot of stocks don't pay dividends at all Schiff believes that a stock market crash is always a possibility due to its current overvaluation if the market were to revert to its mean quickly it could result in a significant crash however he thinks a stock market crash might be less likely because the Federal Reserve could intervene by creating more money instead shiff is more concerned about a potential crash of the dollar he worries that to prevent a stock market crash the FED will print excessive amounts of money which could diminish the value of the dollar as a result even if stock prices remain stable the real value of your returns both from selling stocks and dividends could decrease dramatically now let's examine what happened before the great financial crisis of 2006 as shift believes we are heading toward an even greater disaster and so I think a lot of money that was going into into the dot stocks was going into real estate and and you know real estate was already Rising before 2000 it started to go up like 96 97 98 but what happened after 2000 when the stock market crashed it was a little bit of a pause but then real estate just took off because a lot of that money and what really ignited it was the FED took interest rates down to 1% after the stock market crashed and then what people did with all that cheap money was buy houses because now you can get a teaser rate on a 30-year fix rate mortgage where for the first few years your payments was 2% or 3% and people had never seen mortgage rates that low you know prior to 2008 you know mortgage rates were like 8% we're headed towards in the future is going to be not only much worse than what we experienced in ' 08 but much worse than it would have been had the government done the right thing and and not interfered in the process and allowed for an even bigger decline in the stock market allowed for an even bigger decline in the real estate market and allowed for a real healthy restructuring of the economy back in 09 2010 2011 instead you know we just made all the underlying problems that caused that crisis much worse which is why the next Crisis will be even worse than the last one but today I argue that the banks are in much worse shape than they were in 2008 when so many of them failed and that's because they're losing money on all their mortgages every mortgage that they own they're losing money on because they're sitting on mortgages where they're earning 2 3 4% but their cost of money is 5% six you know so they're losing they're not getting money at zero anymore so mortgages that were profitable when interest rates are at zero they're losing money on uh and so it's not just the mortgages that are defaulting in fact if somebody defaults that's a relief for the bank right whenever somebody refinances their mortgage and they were paying 3,000 a month and now they're only paying 2,000 a month that's a huge loss for the lender now the only reason the lender was able to eat that loss was because the FED had rates at zero but I kept saying they're not going to stay at zero forever what's going to happen to the banking system when interest rates go up and the banks are sitting on all this underwater paper well we know Silicon Valley Bay Signature Bank these Banks started to fail and more Banks would have failed if they didn't come up with this bailout plan but I think the entire banking system is completely insolvent right now and uh it could collapse at any day so what's the solution how can you protect yourself and potentially become a millionaire amidst this chaos shiff advises leveraging the current economic situation by securing a 30-year fixed rate mortgage He suggests borrowing money at 3% for 30 years as inflation will reduce the real value of this debt over time this means your payments will stay low and you'll financially benefit as inflation Rises while shi's predictions are controversial and not universally accepted his strategies are worth considering especially if you're looking to navigate a potential economic collapse
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