Pessimism over the United States’ economic outlook ruled as speakers last week took the stage at the annual FreedomFest in Las Vegas, reports HumanEvents.com
. With the Aug. 2 deadline looming for a decision on the federal debt ceiling, speakers painted a grim picture of things to come.
|Peter Schiff of Euro Pacific Capital (AP photo)
“I think that all the talk about default is really an admission that the United States is running a gigantic Ponzi scheme,” said Peter Schiff, CEO of Conn.-based brokerage Euro Pacific Capital.
Decreasing global demand for the U.S. dollar will eventually trigger an inflationary crisis, said Schiff. “When interest rates go up in the United States, there is no way the U.S. government can pay the interest, let alone the principal, on its debt,” he said.
The country’s entire financial system was described by another speaker as being close to “collapse” as the nation continues to spend more than it produces.
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“This financial system, and our currency, is completely in default,” said Ty Andros, president of Chicago brokerage TraderView. He foresees the stock market starting to collapse within a year.
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