Peter Schiff: Next Economic Collapse Will be Worse than 2008 (Video)

At Freedom Fest last month, Peter Schiff appeared on AMTV discussing how the Fed’s monetary policy has created an impending economic crisis to rival the 2008 housing crisis.

“The problems were created by the Fed,” he states. “They were created by monetary policy being too loose. Rates were too low when they were at 1%. That’s what inflated the housing bubble. But by keeping them at zero for seven years, the damage the Fed has done to the economy this time is much greater than what was done prior. So, I think we’re headed for a much worse economic crisis than what we went through in 2008”

Highlights from the interview:

“The Federal Reserve is not going to allow the bubbles to deflate. They tried to raise interest rates last year and the stock market tanked”

“Then they backtracked because they didn’t want to let the air out of the bubble. They don’t want real estate prices to crash. They don’t want the bond prices to crash.”

“The government can’t afford higher interest rates because the debt is so large. But everybody has so much debt in the United States. The only thing keeping them afloat is the low rate of interest. But everybody still believes that the Fed could raise rates eventually. But when they figure out they’re never going to raise rates…then the dollar is going to fall through the floor.”

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