Peter Schiff on CNBC Kudlow & Company (New president Obama, economy, and our current direction)

youtube/Peter Schiff /CNBC ^ | 1/20/09 | Peter Schiff/sickoflibs/Kudlow

[April Lexington]

"The (US Treasury)bond market is the next to collapse. The current buyers are like condo flippers looking to sell to someone else". "It's just another ponzi scheme as each buyer buys to sell until there are no buyers and it collapses""(because the government can never pay it back)

When this sad day ocurs the vast majority of Americans will be wiped out. The money will be worthless and all of your cash, checking accounts, savings accounts, Cds and other dollar denominated assets will be worth substantially less than you think (if worth anything at all).

People will be frantic to trade dollars for ANYTHING tangible that will hold value. Currency export restrictions are likely and civil unreast by millions of formerly middle class people will make the civil rights riots look like a party. Imagine tenmillion soccer moms trying to find food for their kids.

It won't be pretty. Congress should be focused on preserving the value of the dollar and let the hardships happen. At least the poor can aspire to getting dollars again. In a currency collapse, there is no way to recover.

This is serious stuff, folks.

[dragnet2]

Schiff is one of the only people with his head still attached.

Schiff was the former economic adviser for Ron Paul.

I remember when all the Republican insiders and neocons told everyone they could about Paul and his people were all crazy, wearing tin foil hats etc...