Peter Schiff on Tech Ticker March 22, 2009 gives us his take of the current market climate and what to expect by 2009. Hint: The S is About to Hit the Fan.
When the bubble finally bursts in the bond market and maybe it already has judging by what has happened so far this month, and the dollar rolls over, which it should and begins to fall, that’s going to knock the rug out from under everything the government is doing. When the bond bubble bursts, the government is going to need a bailout.
Add the commercial real estate and credit card bubbles collapse, we are going to see pandemonium in financial markets globally.
If the government continues on this course they’re going to create and inflationary depression that is going to be much worse than anything any of us have ever experienced.
I think it will unfold probably before the end of the year, if not, then 2010. When the government’s ability to borrow is gone and interest rates really start to rise, now we’re going to experience this crisis in a much higher degree.
It seems that it’s only a matter of time before a complete collapse of the financial and economic systems takes hold.