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continue here on America's Forum with Peter Schiff the CEO of europacific capital Skyping in from Connecticut Peter it's so good to have you stay with us here uh we began talking about energy prices we may yet return to that theme but as you were discussing the tough economic medicine our nation needs to take politically and really economically I I was thinking about what we hear about our our allies in Japan there they lament a lost decade I'm just wondering Peter in in the wake of the economic belt down of 2008 and the Obama presidency are are we looking at a lost quarter Century economically in the United States it quite possibly could be a Lost Generation in the United States maybe longer I hope it's not going to be a lost Century hopefully we're going to get the message uh before it's too late but yeah I mean if you look at what's actually happening uh the US economy the the standard of living of the average American has been deteriorating I would argue uh for at least the last half century if you go back to the 1950s when the average American without a even a high school diploma could uh support a family you could you'd have a guy who maybe had a job a blue collar job he had a wife that didn't have to work he had maybe four kids uh he didn't have any credit card debt he owned a house he owned a car he could save for retirement uh today I mean you can't do any of that today you you know you need a college education now just to get a minimum wage job and even then you have to you graduate uh with a lot of debt nobody can save for retirement everybody is broke uh you know so I think the middle uh class has been dissipating the American dream has turned into a nightmare and you know the situation keeps getting worse and we pretend it's getting better Peter some Republicans are are hoping it's going to get better by passing the Keystone Pipeline they've been talking about it for a while now do you think and they're suck that it could bring 46 th000 jobs do you think that could help booster boost our economy no again this is the equivalent of rearranging the deck chairs on the Titanic you know we need major surgery here right you know just putting a Band-Aid on something is not going to solve the the problem we we needed Congress to go in there and dismantle uh this government monstrosity that has been erected over the years that's what needs to happen but unfortunately all new Republicans that reelected aren't going to do that I I was just watching uh on on uh ABC this week they had a couple of Republicans who were just elected to the US Senate and the uh the anchor asked them are you going to vote to increase the debt cealing and they both said yes I mean what's the point of that why send Republicans to Washington if their goal is bigger deficits and more government so you know we we've lost the battle before we even fought it so we don't the current Congress isn't going to do anything I think unfortunately we're going to have to have a crisis on a much bigger scale let's say than the one that's going on in Russia right now with the dollar uh to force American politicians to reluctantly do what's right well we should point out for the record Peter shiff that both you and I ran for the United States Senate uh in days past but here we are back in in the private uh jobs but we can talk with great cander about what might happen on Capitol Hill if I'm hearing your right you're you're saying that another meltdown Allah 2008 could result in finally taking the right steps but it would take a dramatic event to get Washington whether the executive branch or the legislative branch or both to finally heed the warnings am I hearing you're right exactly and and I think though we're not going to get a repeat of 2008 because the FED is not going to allow that kind of Crisis if they raised interest rates rates that's exactly what would happen we'd have a worse financial crisis 2008 So to avoid that they're not going to raise interest rates instead they're going to launch qe4 but the consequence of that is going to be a currency crisis a run on the dollar a run on the US bond market which is going to be substantially worse a much bigger disaster far more painful to endure than any type of financial crisis that would have resulted uh from an increase in interest rates but it's going to be that crisis that I think will Force Major change hopefully it's going to be major change for the better uh but there's always a chance it could be major change for the worst Peter so what for the viewers that are listening to this it's it's kind of a a downer to say the least what should we be doing then to help prevent um what you're talking about there's nothing that we can do we we can't prevent it I mean This Disaster is going to happen the only thing that you can do is try to mitigate the damage to yourself right financially to try to have your own assets invested properly to own uh assets around the world to own gold I mean I'm trying to Hope help as many investors as possible to protect themselves now in the aftermath of the crisis there might be a lot that we can do to try to repair the damage and help steer the economy in the country back in the right direction towards free market capitalism and limited government and and sound money but we cannot stop the disaster because the disaster is going to be the only Catalyst for positive change but people who understand the real problem need to be able to articulate it because I know what's going to happen just like what happened in after the 2008 financial crisis the powers that be at the central bank and in government who are the engineers of this catastrophe not on purpose you know that smart enough to do it intentionally sorry to have to stop you right there but our time is up Peter Schiff thanks very much
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