"The economy is not going to improve because of this plan. You don’t solve economic problems by printing money. You solve those problems by working hard, saving, producing, and the exact opposite of what we are trying to do.."
"One way the government could create affordable housing is to stop propping them up with very low interest rates."
"The government can't fix the economy, it can only move our property from person to person, by taxing, borrowing, or printing more currency."
"The total cost to society is what the government spends, not just what we see it tax us"
"If devaluing currency made countries richer, the third world nations could just print themselves to a world power"
"We don't want work for the sake of work. We want work for what it produces"
"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)
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Schiff is one of the only people with his head still attached. Rush is another. I hope he can get Schiff on for an interview sometime.
I have money in short term treasuries - that's not what he's talking about - is it?
We're the world's reserve currency - we can inflate our way out of a lot of this - the problem - no one will trust us "after"...
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.