Peter Schiff - US is now bankrupt
Read more of his blog: Infinite Unknown
Peter Schiff of Euro Pacific Capital thinks that US is now bankrupt. One sign of this is that US treasuries (considered a safe haven of investors at Wall St.) to a record low of l.6l%. He said that there could be no real growth unless interest rates go up.
What happens when interest rates are low: we borrow too much, invest too little, spend too much. However when rates go up, debts have to be restructured and that is where real problem begins.
The US government spent money it did not have at a an incredible rate
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