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Peter Schiff: “The Real National Emergency Isn’t At The Border. It’s The National Debt!”

Mac Slavo
February 21st, 2019
SHTFplan.com
Comments (33) Read by 3,882 people

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Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital Inc. says that the real national emergency is not at the southern border.  The real ticking time bomb is the national debt.

We are headed for a train wreck in this country because of the national debt and yet nobody seems concerned about it.  In fact, many Americans have taken to emulating the federal government by getting themselves buried in massive amounts of debt as well, compounding the issue. According to Seeking Alpha‘s report by Schiff Gold, we should all we wary of the government’s overspending and desire to tax more to make up for it. Just because we haven’t suffered a crisis – YET- based on this debt doesn’t mean that one isn’t coming.

On Friday, President Donald Trump declared a national emergency so he could build a wall at the southern border. Based on that declaration, the president will reallocate $6.5 billion from other government programs to fund a border wall. But the problem isn’t that we don’t have a wall, says Schiff.  The problem is we’ve already built a wall of debt.

“Of course, the real national emergency is not the lack of a wall, the failure to build a wall, but building up the national debt.” –Peter Schiff via Seeking Alpha

The United States debt surpassed the $22 trillion mark just last week and continues to rocket upward with no end in sight and this is just the very tip of the iceberg.

This is just a funded portion of the debt. This is where the US government sells a bond and somebody owns that bond. It doesn’t include [unfunded] liabilities like what the government owes for Social Security, or guaranteed bank deposits, or mortgages, or student loans, or all that nonsense. That’s not there. Those are contingent liabilities. They’re just as real. They’re not even part of the national debt.” –Peter Schiff via Seeking Alpha

Americans have become far too comfortable with selling their children into slavery to the government because of the debt, and they continue to be oblivious to what they are doing.

America Is Committing Suicide: Over The Past 12 Months, The U.S. National Debt Has Increased By 1.271 Trillion Dollars

We are headed for a train wreck in this country because of the national debt. What Trump has been building while he hasn’t been building a wall is he’s been building up the size of government, and he’s been building up the deficits that have been necessary to finance that government buildup.” Peter Schiff via Seeking Alpha

Many have claimed that the national debt isn’t that big of a deal because it’s been growing quickly for years and nothing bad has ever happened. But Schiff begs to differ.  He thinks everyone should be concerned.

“Just because we haven’t suffered a crisis – yet- based on this debt doesn’t mean that one isn’t coming. In fact, there’s no way around it. It’s just a question of when. It’s not a question of if, it’s a question of when, and I think when is a lot closer than a lot of people think.” Peter Schiff via Seeking Alpha

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Author: Mac Slavo
Views: Read by 3,882 people
Date: February 21st, 2019
Website: www.SHTFplan.com

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33 Comments...

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  1. Infidel says:

    You don’t hear a broken clock continualy crowing because it told the correct time eleven hours ago. Give it a rest Pete.

  2. Anonymous says:

    Nothing can be done about the debt.

    Get rid of the debt and you get rid of the money supply.

    That kills the economy completely.

    • Alfred Barnes says:

      Wrong, the interest on the debt, currently at 6% GDP, will continue to grow until it becomes unmanageable. Goldwater warned about this in the 1960’s. Little did he imagine the levels of borrowing the USG would undertake starting with Reagan. Enjoy your debt based prosperity while it lasts.

      • Anonymous says:

        So tell me what it will be like when we pay off all debt.

        That means cancelling all dollars (since dollars are bank notes that are debt) and there is no more money available (including in your checking account).

        This should be interesting, but I’m sure there will be at least a few million survivors to start things over again.

  3. jakartaman says:

    Immigration/border and debt are somewhat tied together.
    How much wasted $$ are we the taxpayers losing on illegal immigration

  4. Gestor says:

    Speaking of Debt.
    Found a sweet land deal in Kentucky for an associate.
    The property includes a couple of commercial poultry houses (to be re-purposed) and is just a few miles from the interstate.
    The guy backs out at the last minute due to the commonwealths $43 billion in unfunded pension debt. ht tps://www.courier-journal.com/story/news/politics/2018/12/17/kentucky-pension-crisis-reasons-how-we-got-here/2317233002/
    Cant say that I blame him…They’er gonna have to come up with that money some how.
    My understanding is they lost a big chunk of it to crooked ass hedge fund managers …PRE-Rand Paul and Matt Bevin era.

    Wow that’s posting up California numbers.
    On the upside ,I look for Kentucky to legalize marijuana …if you’re interested in becoming a weed farmer.

    • Justice says:

      Gestor, you raise a very good point. A states financial situation should be one of the MAIN considerations on whether or not to relocate there because, as you state, “They are gonna have to come up with that money some how”.

      That consideration is one of the main reasons I want out of Maryland!

      • rellik says:

        Justice,
        “you can’t get blood out of a turnip”.
        Meaning you can only get so much out
        of a slaves production, before you
        destroy the slave and then have no production.

        They don’t have to come up with the money somehow.
        Remember you are dealing with Democrats,
        they will just cheat everybody.

    • TheGuy says:

      You know it’s all going to shit when the government officially gets into drug dealing to solve its problems.

      Oh Kentucky. KY. Jelly. Apparently going to be needing a lot of that aren’t they.

  5. Anonymous says:

    Berlin also had a wall around it. All who tried to escape over it were shot by “the latest technology”. Which side of the wall are you on? Are you really…?

  6. Old Guy says:

    The debt and the interest on the debt will never be paid. And its not a big thing. It was all digital currency created out of thin air by the Fed. When the Fed cannot any longer create (Petro Dollars) is when its a problem. When the USA military can no longer enforce the use of the Petro Dollar and its not the dominate currency used by the IMF. then it implodes. And the actual physical cash money to represent all those trillions where never printed. As long as the mint doesn’t make any paper money in demoniations larger that the $100.00 bill the actual cash will never be present. One good thing the US supreme court struck down civil forfeiture.

    • TheGuy says:

      When the USA military can no longer enforce the use of the Petro Dollar and its not the dominate currency used by the IMF.

      Well you better start “spreading democracy” to all those thorium reactor test sites then, betterent you?

  7. Beaumont 2.0 says:

    Everything, a mutually opposing set of forces, like a flywheel and mainspring. Brute force and an odious debt. Labor and capital.

    In the slavery systems of many cultures, there was a cargo system or the assumption of a debt, that they were supposed to work off, before they could become valid citizens.

    Who decided that you owe this money, or a certain standard of performance, before you’re a free agent — for instance, owning land, the means of production, and fruits of your own labor, free and clear.

    What if Kunta Kinte, Ishi, or Spartacus felt morally obliged to pay. Would you still believe it.

    • Anonymous says:

      Don’t overlook the lessons from the Whiskey Rebellion.

      The rebels lost, and the debt the tax was intended to pay won.

      • Beaumont 2.0 says:

        I understand that the rebels were obliged to pay the odious debt, by force.

        Did you see a deeper lesson than that?

        • Anonymous says:

          That there were something like 500 rebels and the States had 20,000 or so militiamen on their way.

          That means anyone resisting the debt will have somewhere between little and no support and have to either surrender or die. It means that resisting paying it is a futile effort that just wastes time and ends up working against you.

        • Beaumont 2.0 says:

          Many preppers, here, are in favor of a Constitutional dollar, backed in a fixed amount of precious metals.

          Though the printing of ever more fiat currency does make it worth ever less, borrowing has the same effect.

          Rather than inflation, loss has occurred, due to taxation, in your example of the Whiskey Rebellion.

          Though we were fearful of a Constitutional convention, here is at least one loose end; debt can be used to undermine a currency.

          • Beaumont 2.0 says:

            hmountvernon.org/library/digitalhistory/digital-encyclopedia/article/whiskey-rebellion/

            “By 1794, the Whiskey Rebellion threatened the stability of the nascent United States and forced President Washington to personally lead the United States militia westward to stop the rebels.”

            In this version of events, the fed govt exercises headship over the militias, apparently to enforce civil asset forfeiture.

            Planks 4 and 5 of the Communist Manifesto —
            “4. Confiscation of the property of all emigrants and rebels.
            5. Centralisation of credit in the hands of the state, by means of a national bank with State capital and an exclusive monopoly.”

  8. There are some interesting shows on Netflix.

    “The real Cost” about the clothing and fashion industry and the use of foreign labor as economic slaves. It blames capitalism, not the Free-Trade that has destroyed USA manufacturing, but it does expose many of the problems, including the pollution tanning leather and chromium related birth defects, Monsanto suicides of 250,000 Indian farmers who lose their farms to debt caused by Monsanto.

    The need for Organic cotton in Texas because of brain tumors caused by Monsanto, and its poisonous practices.

    There are other Netflix movies.
    “The Worst Disasters”
    “Hitler’s Circle of Evil”
    “—” about eating like hunter gatherers. I don’t recall the title.

    .

  9. Maranatha says:

    The real national emergencies:
    1. A total clueless disconnection from the Earth for the 80% of Americans who live in urban areas.
    2. A completely insubordinate attitude regarding the majesty of YAHWEH.

    You cannot judge YAHWEH’s intentions as the CREATOR of two trillion galaxies is so far above your comprehension about morality and justice that it’s like a paramecium (a single celled microrganism) judging your intentions. It’s that laughable.

    4 And I say unto you my friends, Be not afraid of them that kill the body, and after that have no more that they can do. 5 But I will forewarn you whom ye shall fear: Fear him, which after he hath killed hath power to cast into hell; yea, I say unto you, Fear him. 6 Are not five sparrows sold for two farthings, and not one of them is forgotten before God? 7 But even the very hairs of your head are all numbered. Fear not therefore: ye are of more value than many sparrows.
    Luke 12:4-7

    YAHWEH intimately know each one of you, for YOU are a foreseen creation. Jesus is fully aware of every sin you have committed and will yet do. Yet still loves you.

    • Maranatha says:

      14 I will praise thee; for I am fearfully and wonderfully made: marvellous are thy works; and that my soul knoweth right well.
      15 My substance was not hid from thee, when I was made in secret, and curiously wrought in the lowest parts of the earth.
      16 Thine eyes did see my substance, yet being unperfect; and in thy book all my members were written, which in continuance were fashioned, when as yet there was none of them.
      Psalm 139:14-16

      ChWiZ3iXWwM
      Some say that this book is actually your DNA code.

      That code is not random but points to a CREATOR.

  10. aljamo says:

    So let’s go steal all of the Venezuelan oil because we stand for justice and mercy aka capitalist thievery in our “backyard”. I read that Guyana holds potentially more oil than Venezuela, the lighter variety that needs much less refining and we must take control of that also so fossil fuels can continue to have their dirty way destroying our atmosphere and keep the killing machine flush with cash. What a great nation we are, not!

  11. Stuart Varney said on Fox And Friends the booming economy will last through the end of the year. There are however two hidden bubbles Debt, and derivatives. Plan accordingly. America’s money is created by the Federal Reserve and backed by the government indebting the people. Catch up with me on YouTube. I have done a study on the Federal Reserve, scroll down to Federal Reserve Note
    Click here

  12. ronnna says:

    All ponzi schemes accelerate wildly as the end approaches. The national debt scheme is starting to really accelerate drastically! Keep in mind that anything you have in the bank and in the 401k is toast! In your hand is all that counts!
    On the other hand, doom purveyors have been predicting the debt crash for the past 60 years! Grain of salt!

  13. Just wondering says:

    Illegals cost the U.S. taxpayer approximately $130 Billion a year if you include welfare, education, medical and services.
    Over 20 years that is a lot of money plus interest.

  14. Bert says:

    In a few years the socialists will finally take full control of all branches of US gov, then the collapse and civil war shall commence.

    Rural America will win as the cities will devour themselves. “We have you surrounded!” Three weeks in the cities and all the food and fuel is gone, along with 90% the population.

    The movie “The Purge” only 24/7 and everyone!! Hee Haw!!

    Humans wern’t meant to live in clusters of more that a couple hundred.

  15. Luke says:

    Ran across this frightening analysis this morning:

    Only Five States Remain Until Liberals Control the Political Landscape of America via Mexican Immigration, or, Why the Left Hates and Fears Donald Trump’s Border Wall

    The political Left already controls many of the “big-electoral-votes” states [1]; just a few more states and they’ll own American politics for the following 50 years. Beginning circa 2028, liberals will rule American politics via electoral votes in the national elections. Despite Donald Trump’s election victory, it will happen, barring some freak event.

    Here are the five remaining states that the Left needs to politically “flip” — via Mexican immigrants voting — in order to win every national election and therefore control America for the following 50 years: Texas, Georgia, Florida, Pennsylvania, Ohio [2][3]. Such flipping will likely occur within about 10 years [4]. Are you ready for socialism, open borders, UK-style Orwellian “hate speech” laws, various anti-White mandates, gun confiscation, private-property confiscation as payment for “slavery and racism reparations”, and sky-high taxes? [5]. Those things are a given when the leftists take over America.
    .

    [1] the big-electoral-votes states are: CA., TX., FL., IL., NY., Penn., GA., OH., MI.

    [2] Mexicans (and Blacks) usually vote Democrat in order to secure all the “welfare freebies”

    [3] Texas and Georgia are the only remaining “conservative” big-electoral-votes states; the rest of those states are either moderate or liberal

    [4] it’s likely that Donald Trump will be the last “conservative” American president to hold office

    [5] remember, leftists are famous for ignoring the Constitution and inventing non-existent “rights” (recall Chile circa 1973, when the leftist leader Allende went on a disastrous and scary political rampage)

  16. Maranatha says:

    The largest growth in the US population is in legal Hispanic Americans with of course a tremendous push for amnesty of illegal aliens, despite the fact that every amnesty has failed to stem the tide. By some estiates, 1/10 of the Mexican population relocated to the USA.

    That is the largest factor for a seachange of our political system and why the Democrats are pandering. It’s certainly plausible that the recent House upset was due to illegal voting.

    This is why we must have the Wall and no amnesty and no birthright citizenship due anchor babies. Frankly we need to eject every illegal alien and on a case by case basis, possibly allow some.

    It has very deleterious effects to not do anything as the robotics/AI inevitable revolution will severely alter employment. We must take care of our citizens first.

  17. Profits says:

    Just in case you missed the obvious:
    1. Trump Boosts Tariffs
    2. US Treasury gets CASH
    3. Cash gets paid ot to T-Bills.
    4. Chinese Government
    owns most T-Bills.

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