Peter Schiff: We’re Just Like Bernie Madoff

by | Jun 9, 2009 | Peter Schiff

Do you LOVE America?


    Peter Schiff on CNBC Squawk on the Street June 8, 2009 discusses national debt, Argentina and the potential for default on National debt.

    We have the biggest adjustable rate mortgage of all time. All the debt is being financed with short term T-bills just like Americans financed their homes  with teaser rates and the debt is being bought by foreign governments. There is no real private demand for this debt. Once the political situation turns and foreign governments don’t want to buy our debt we have no fault.

    We’re just like Bernie Madoff in this situation. We’re running a giant Ponzi scheme and when foreign governments want out, we’ve got no choice.

    We have a crisis of confidence approaching, and it will not bode well for the USA when foreign investors stop pumping their savings over to our long-term debt instruments.

    Watch Peter Schiff on CNBC June 8, 2009:


    It Took 22 Years to Get to This Point

    Gold has been the right asset with which to save your funds in this millennium that began 23 years ago.

    Free Exclusive Report
    The inevitable Breakout – The two w’s

      Related Articles


      Join the conversation!

      It’s 100% free and your personal information will never be sold or shared online.


      Commenting Policy:

      Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

      This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.