Peter Schiff: When Are People Going to Wake Up? We’ve Run Out of Road (Video)

In the years leading up to the Great Recession of 2008, Peter Schiff warned it was coming.

Nobody listened.

Today, the same people are ignoring the signs that an even bigger crisis is on the horizon. Peter Schiff appeared on InfoWars recently and asked a very important question: when are people going to wake up?

They still don’t understand the gravity of the situation. They still have no clue how much damage has been done to the US economy these last seven years. They still have confidence, have faith in the Federal Reserve, have faith in the dollar, believe everything is going to be OK. And just they think, well, we’re at a little bump in the road. They don’t realize that we’ve run out of road, or the road has now come to an end and we’re going over a cliff.”

In his discussion with Alex Jones, Peter pointed to the many signs of an impending crisis. He speculated as to why the Fed hasn’t acted. And he blasted the politicians and pundits who continue to pretend that everything is OK with the US economy. Peter ended with a warning:

It’s going to be a dollar crisis. It’s going to be a sovereign debt crisis. And it’s going to bring this whole bubble-economy to its knees.”

Highlights from the interview:

“I still think it’s early even to congratulate me. I’m not going to take credit prematurely. But it sure does seem like things are proceeding according to the playbook that I laid out.”

“Even though people still believe that the Fed is going to be raising interest rates at some point, and that we have a legitimate recovery, the dollar is still falling. More importantly, gold is rising.”

“You talk about all these people who believe there are no consequences from the last eight years, or seven years, of 0% interest rates, and three rounds of quantitative easing – how can anyone believe that there is not a bill coming due for all that?”

“If you look at what Allen Greenspan did, we had interest rates at 1% for not even two years, and then we gradually raised them up above 5% over a couple of years, no quantitative easing programs at all. So what Allen Greenspan did was very mild compared to what Bernanke and Yellen have done. Yet the consequences, the payback for that monetary policy was the worst financial crisis since the Great Depression.”

“My point is if we had such a bad consequence of the reckless policies under Greenspan, just imagine what’s in store for us now. I mean, this is not just going to be the worst financial crisis since the Great Depression. This is going to be the worst financial crisis including the Great Depression.”

“If you look at the labor participation rate for men, it’s the lowest it’s been in the history of the Republic.”

“All of these so-called economists who are trying to say the Republicans are wrong for criticizing the economy – if a Republican had be president for the last seven years and everything was exactly the same, can you imagine what they’d be saying about the rise in income inequality, the rise in poverty, the collapse of real wages, the collapse of home ownership, the mass exodus out of the labor force? I mean, this is statistically, really, the worst economy in our lifetime. Yet because it’s a Democrat president, nobody wants to criticize him from the left.”

“I think [the economic crisis] is happening right now. Whether it’s going to accelerate from a march to a stampede, I think people have to protect themselves now.”

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“You’ve got to get out of US dollars. Get out of US stocks.”

“I think one of the reasons that Janet Yellen is reluctant to admit how weak the economy is, is because she doesn’t want to interrupt the Hillary Clinton narrative.”

“Certainly by the time the election is over, there is no reason to put up the pretense. I think by the end of the year, the Federal Reserve is going to have to come to the rescue, at least in the way it thinks is the rescue. They’re going to cut rates. They’re going to try to have some kind of QE program. But again, this is pouring gasoline on the fire. None of this is going to help solve our problems. This is why we have a problem. The Federal Reserve has created this problem.”

“I think the crisis is going to happen regardless of whom we elect.”

“When are people going to wake up? They still don’t understand the gravity of the situation. They still have no clue how much damage has been done to the US economy these last seven years. They still have confidence, have faith in the Federal Reserve, have faith in the dollar, believe everything is going to be OK. And just they think well, we’re at a little bump in the road. They don’t realize that we’ve run out of road, or the road has now come to an end and we’re going over a cliff.”

“It’s going to be a dollar crisis. It’s going to be a sovereign debt crisis. And it’s going to bring this whole bubble-economy to its knees.”

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