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summer looks okay so far but storm clouds on the horizon a possible crash brewing and it might actually even be worse than 2008 we've got the man who actually called the 2008 crash and he's the author of the real crash America's coming bankruptcies Peter Schiff here to tell us how this looks pier in 2008 oh we had stocks collapse sixty percent we saw banks going out of business we saw unemployment spike it was pretty ugly you think this is going to be worse well how is it going to be worse what's a slow like well it's going to be a lot worse specifically because of what the government did to artificially stimulate the economy in the aftermath of the 2008 financial crisis because the government came to the rescue by printing a lot of money bailing out the banks propping up the housing market racking up trillions of dollars of additional debt so we can consume more stuff that we couldn't afford and pay for it with borrowed and printed money all we did is delay the day of reckoning but in so doing we exacerbated all of the problems that make that day of reckoning necessary and so yes the next crash that's coming in whether it's two thousand and thirteen or fourteen or a little bit later is hard to say for sure knowing exactly when something's going to happen is harder than knowing that it will happen but we've got a much bigger collapse coming and not just of the markets but of the economy something that it's like what you're seeing in Europe right now only worse and okay so what's that look like I mean the pain is coming we know the policies that are going to get there what should people be expecting beyond this generalized horrible economy are there specifics you have for me a housing values going down again the stock market crashing well well i'd say if you want to try to look at a most likely time frame and of course it's it's always hard to anticipate future variables that are beyond your control but i would say the US economy continues to weaken towards the end of the year and the fed ultimately comes through with qe3 it doesn't work in the sense that it's not going to strengthen the economy but it will weaken the dollar as the dollar weakens it's going to put upward pressure on import prices raw material prices that's going to cause margins to be compressed in the US businesses will respond by reducing capacity laying off workers and raising prices so you're going to see increasing unemployment and inflation that's also going to put more pressure on the budget deficit that's going to widen both because their governs collecting lesson revenue spending more and ultimately interest rates are going to start to rise that's going to cost the government more money to finance the debt that we already have and as the economy weakens further we're going to get more QE which means more pressure on the dollar to go down and the cycle continues until eventually we have a lot or full currency sovereign debt crisis where you see the dollar plunging consumer prices really moving higher interest rates spiking and that's when it really gets interesting because that's when we hit our real fiscal cliff when either we're going to have to slash I mean / government spending massively across the board restructure our debts including not paying a hundred cents on the dollar for us treasuries be honest with people who are on entitlements like Social Security Medicare they're not going to get the benefits they've been promised government workers are going to have to take pay cuts many of them are going to have to get different jobs in the private sector banks are going to fail people are going to lose money not only investors but depositors are going to lose money as well I the housing market is going to fall again we're going to have to allow fannie and freddie to go bankrupt next time as well as the FHA and not bail them out alternatively we can bail everybody out pretend that we can print our way out of the crisis and instead we have runaway inflation or hyper inflation which is going to be far worse than the collapse that we would have if we did the right thing and just let it all implode when things start to hit the fan here where should people be hiding to protect themselves well the worst place to be is US Treasuries or any dollar denominated debt instrument and the longer the maturity the more you're going to lose so 30-year bonds they're going to be worse than 10 years and 10 years will be worse than you know two years but then again anything in dollars even if you've got dollars stuffed in your mattress you're going to lose because they're not going to buy you what you expect so you have to recognize that the biggest casualty is going to be the US dollar and any debt instruments denominated in dollars so you're going to lose a lot less in the stock market but it won't even be close then what people will lose in the bond market but stocks are not all the same some stocks might go bankrupt so you've got to be careful on the type of stocks that you own so what time do I wanted us if you're going to invest the u.s.
i prefer internationally but own the companies that are exporting that have their customers abroad that have a global footprint and that might benefit from a much weaker dollar relative to stronger currencies abroad as overseas economies outperform particularly in in the emerging markets but I think gold and silver right now you should be if you don't own gold and silver you really got to buy this might be the final dip who knows I think the gold equities the mining stocks you've got tremendous opportunities there you've got valuations that we haven't seen probably during the entirety of this bull market which has been going on for 10 years and despite that you know mainstream investors still haven't even taken positions yet a golden gold stocks have been climbing this wall of worry for a long time and I think we have a ways to go even before we start to get nematic the phase of the bull market well the timing is tough to get nailed but the storm is coming folks it's time to brace yourselves and prepare perhaps by drifting into some multinationals and/or little precious metals he's Peter Schiff the author of the real crash the coming bankruptcy of America summer looks okay so far but storm clouds on the horizon a possible crash brewing and it might actually even be worse than two thousand eight we've got the man who actually called the 2008 crash and he's the author of the real crash America's coming bankruptcies Peter Schiff here to tell us how this looks pier in 2008 oh we had stocks collapse sixty percent we saw banks going out of business we saw unemployment spike it was pretty ugly you think this is going to be worse well how is it going to be worse what's a slow like well it's going to be a lot worse specifically because of what the government did to artificially stimulate the economy in the aftermath of the 2008 financial crisis because the government came to the rescue by printing a lot of money bailing out the banks propping up the housing market racking up trillions of dollars of additional debt so we can consume more stuff that we couldn't afford and pay for it with borrowed and printed money all we did is delay the day of reckoning but in so doing we exacerbated all of the problems that make that day of reckoning necessary and so yes the next crash that's coming in whether it's two thousand and thirteen or fourteen or a little bit later is hard to say for sure knowing exactly when something's going to happen is harder than knowing that it will happen but we've got a much bigger collapse coming and not just of the markets but of the economy something that it's like what you're seeing in Europe right now only worse and okay so what's that look like I mean the pain is coming we know the policies that are going to get there what should people be expecting beyond this generalized horrible economy are there specifics you have for me a housing values going down again the stock market crash well well i'd say if you want to try to look at a most likely time frame and of course it's it's always hard to anticipate future variables that are beyond your control but i would say the US economy continues to weaken towards the end of the year and before you see the dollar plunging consumer prices really moving higher interest rates spiking and that's when it really gets interesting because that's when we hit our real fiscal cliff when either we're going to have to slash i mean / government spending massively across-the-board restructure our debts including not paying a hundred cents on the dollar for us treasuries be honest with people who are on entitlements like Social Security Medicare they're not going to get the benefits they've been promised government workers are going to have to take pay cuts many of them are going to have to get different jobs in the private sector banks are going to fail people are going to lose money not only investors but depositors are going to lose money as well I the housing market is going to fall again we're going to have to allow fannie and freddie to go bankrupt next time as well as the FHA and not bail them out alternatively we can bail everybody out pretend that we can print our way out of the crisis and instead we have runaway inflation or hyper inflation which is going to be far worse than the collapse that we would have if we did the right thing and just let it all implode when they can start to hit the fan here where should people be hiding to protect themselves well the worst place to be is US Treasuries or any dollar denominated debt instrument and the longer the maturity the more you're going to lose so 30-year bonds are going to be worse than 10 years and 10 years will be worse than you know two years but then again anything in dollars even if you got dollars stuffed in your mattress you're going to lose because they're not going to buy you what you expect so you have to recognize that the biggest casualty is going to be the US dollar and any debt instruments denominated in dollars so you're going to lose a lot less in the stock market but it won't even be close then what people will lose in the bond market but stocks are not all the same some stocks bed ultimately comes through with qe3 it doesn't work in the sense that it's not going to strengthen the economy but it will weaken the dollar as the dollar weakens it's going to put upward pressure on import prices raw material prices that's going to cause margins to be compressed in the US businesses will respond by reducing capacity laying off workers and raising prices so you're going to see increasing unemployment and inflation that's also going to put more pressure on the budget deficit that's going to widen both because their governments collecting lesson revenue spending more and ultimately interest rates are going to start to rise that's going to cost the government more money to finance the debt that we already have and as the economy weakens further we're going to get more which means more pressure on the dollar to go down and the cycle continues until eventually we have a lot or full currency sovereign debt crisis we're
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