Peter Schiff : The Dollar will Tank !! Prepare !

Peter Schiff said in a recent podcast that America is going to have a Currency Crisis and a sovereign debt crisis . When it comes to spending it is going to be all gas and no brakes , but ultimately we are going to have the brakes forced upon us by our creditors , because they are not going to lend us any more money. The FED is going to have to print all the money , but the problem is the FED can print all the money they want but nobody may want it . the government can create all the money it wants but it cannot force the people to accept it , certainly cannot force foreigners to accept it , and exchange it for imports.This is a recipe for disaster, We Are going to have a Currency Crisis , We Are going to have a sovereign debt crisis . The only thing that is booming today in America , is government and consumers spending based on debt .which is completely unsustainable , but when the world and the international investors figure this out , and they always do after the facts , The Dollar is Going to Tank . This is what is going to crack this phony foundation that this economy was built on . It is built on credit and consumption , and it is all financed by debt and the printing press . The whole house of cards economy that was built on consumer debt will ultimately come down . The Traders Weren’t Paying Attention to Bond Market . In fact, if the traders were paying attention to what was going on in the bond market, we probably would have seen a bigger selloff today. I think we still have some euphoria left over from the two-day “Dove Fest” where Fed Chairman Jerome Powell was up on Capitol Hill basically green-lighting the July rate cut, which is coming up in a couple of weeks. Remember, when we got that better than expected nonfarm payroll report, the odds of a rate cut in July went down from about 100% to maybe 91%, and the odds really came down for the probability of a 50 basis points cut. So it was pretty much 91%, I think, 25 basis points, and that was it. The Odds of Rate Cut in July Back up to 100% . But after Powell released his prepared remarks, before he even made it up to Capitol Hill – just merely when the markets got a look at his prepared testimony, the odds of a rate cut in July immediately went back up to 100%, and, in fact the odds of a 50 basis point cut went back up to 20%.







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