Irwin Schiff’s Life Sentence and America’s End Game (Video)

Alex Jones spoke with Peter Schiff for an entire hour on InfoWars yesterday. They had a wide-ranging discussion, including the tragic plight of Peter’s father Irwin, a political prisoner held in poor conditions. They also talked about the Federal Reserve’s monetary policy, the next round of quantitative easing, the Pope’s economic message and visit to America, and the complicated refugee problems in the Middle East.

I think this thing started to unravel in 2008… This is the unwinding of the massive bubble that began in 1971, when we went of the gold standard… Guys like my dad were criticizing it back in the ‘70s. He saw it coming from a mile away… If you go back and read my dad’s book ‘The Biggest Con’, which came out in 1973, 1974… It’s amazing how far into the future my father saw, and how much of what he wrote in that book has happened since he wrote it…”

Highlights from the interview:

“It was so hard just to see him there all by himself, withering away. Maybe 140 pounds. He’s skin and bones. He’s not eating. He’s all by himself. He’s starting to lose his mental capacity, probably dementia. Meanwhile, everybody I’ve talked to – the people in the prison want him out. But he’s still not out. The bureaucracy – the wheels turn so slowly we can’t even get a dying man out of prison. We have to sit him in a hospital with armed guards, shackled to a bed… Basically the prison system killed him. He’s been in jail for 10 years already. It was a 13 year sentence, which really was a death sentence for a non-violent, so-called crime, basically standing up for his constitutional rights. Standing up for the American people, trying to get the government to abide by the constitution, and this is what they do to him…

“The only thing I did say [on CNBC] is that I thought the stock market needed QE4 in order to not fall, which is what I believe. I think just keeping interest rates at zero is not enough to support the market. This market is really propped up. It’s a huge bubble. It needs air. It needs QE4 to stop from deflating… The Fed has to expand its balance sheet if it wants to stop a bear market, and I believe it does want to stop a bear market. It’s not going to admit that… It also wants to prop up the banks. It wants to prop up the real estate market…

“Home ownership is at the lowest it has been since 1967. It’s like a 48 year low. But if you take out the older people, for young people in their 20s, 30s, 40s, it has never been this low. Why? Because real estate prices are too high. If the government lets the bubble pop, real estate prices will plunge and a lot of people who are renting might be able to afford to buy a house. A lot of things will become more affordable…

“Things are going to change. Right now, Americans buy a lot of things on credit. We have a lot of cheap stuff coming in from China. We take it for granted. But it’s going to change. Americans are going to have to stop throwing things out and buying new stuff. We’re going to have to repair the stuff that we have, because we don’t have the factories anymore, and we can’t keep borrowing money to import the things other people produce with their factories. This is going to be a painful adjustment process back to a viable economy that grows based on underconsumption, savings, and investment, where consuming is the reward for the economic growth…

“If you actually look at all the economic data that comes out every day, it’s weak. The data hasn’t been this weak since the Great Recession. Yet nobody pays attention to the actual data. They just look at Janet Yellen. And as long as Janet Yellen says everything is great, nobody cares what the data is. They’re all waiting for the pied piper… All the data has already turned to recession. The only thing that is left is the employment data, and that’s coming…

“What’s putting pressure on all the emerging markets, commodities, gold is the belief that the Fed is going to tighten monetary policy. That’s what’s crushing the entire world. Until Janet Yellen admits she’s not going to do that, then it’s not going to change. The irony of it is Janet Yellen is saying, ‘I don’t want to raise rates because of the problems overseas.’ The problems overseas are because she’s going to raise rates, or because everybody thinks she’s going to raise rates…

“We are around the corner from a much worse economic crisis than 2008. But 2008 was still big. It was the worst downturn since the great depression, and nobody in the halls of power saw it. Nobody in academia. Nobody in Wall Street. Nobody at the Fed. Nobody. Just a handful of people that they thought were crackpots. Some of those crackpots got very rich… Now it’s the same situation all over again…

“I think this thing started to unravel in 2008. That was the beginning of the end. This is the unwinding of the massive bubble that began in 1971, when we went of the gold standard. It’s been a long time in coming. Guys like my dad were criticizing it back in the ‘70s. He saw it coming from a mile away. He may not live long enough to ultimately see the consequences. If you go back and read my dad’s book ‘The Biggest Con’, which came out in 1973, 1974… It’s amazing how far into the future my father saw, and how much of what he wrote in that book has happened since he wrote it…”

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