"The American consumer, like the proverbial Emperor, truly has no clothes (unless, of course he imports them). It will not be long before the non-American producer finally acknowledges his nudity, and the dollar bubble will finally burst. When that happens U.S. consumer prices and interest rates will spiral upward, stock and real estate prices will collapse, unemployment will soar, and the U.S. economy will enter a prolonged recession as it enters a new era of savings, self-sacrifice and under-consumptions, and begins a long and painful process of re-industrialization".
"We have just been going on a consumption binge where we borrow money like drunken sailors from the rest of the world and BLOW IT!!" By Peter Schiff
THE PETER SCHIFF BLOG : An Unofficial Tracking of Peter Schiff and The Libertarian Austrian School of Economics
PETER SCHIFF
Saturday, July 3, 2010
Peter Schiff : The dollar bubble will finally burst
Labels:Peter Schiff ,Ron Paul
The Collapse of the Dollar
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