“Peter Schiff of Europacific Capital continues to sound the alarm on the risks of the government’s mounting debt load and the Federal Reserve’s low interest rate policy.
Like Roubini and some other doomsayer, he employs the “perfect storm imagery.”
From a piece in King World News:
The perfect storm is the real fiscal cliff that we’re going to go over. The real fiscal cliff is when we can’t borrow any more money because our creditors wake up to the fact that we’re no good for the debt and interest rates start to rise. ”
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sounds good in theory, but for now people are going to park their money in the reserve currency before the euro or yen as their fiscal situation is worse and without reserve currency status to keep people buying the bonds.