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Overload of U.S. debt set to go-off
There are many economists and global financial strategists talking about the ever-expanding U.S. debt which is quickly approaching $20 trillion dollars. One of those experts is Peter Schiff, president and CEO of Euro Pacific Capital. He is an investment broker, investor, author, financial commentator, and radio personality. For the past several months Schiff has maintained his opinion that right now Wall Street is suffering from “irrational exuberance.” This was a phrase first coined by then Federal Reserve Chairman Alan Greenspan back in the late 1990s. It was Greenspan’s way of describing the huge upswing in tech stocks rally prior to the dot-com bubble blowing up.
Today, appearing on the CNBC Show- “Squawk Alley” Schiff made his opinion very clear about the current record stock run on Wall Street and what’s going to happens to the U.S. debt bubble. Schiff said:
““The market has got this thing all wrong…The debt bomb is going to explode”
Schiff added that he believes the Federal Reserve will try to work the U.S. out of this debt crisis by adding more stimulus money, but this will only make the problem worse. He said that record low interest rates have allowed the United States to pay for its current debt, but now its so large that there’s no possibility of repaying it. In addition Schiff said that “as interest rates rise and inflation grows, creditors are going to demand a higher premium.”
Schiff also disagreed with President Donald Trump’s plan for more spending on infrastructure projects saying that: “You don’t help the economy by spending money. To the extent that we need to repair our infrastructure, that’s a cost that we have to bear.”The fact that it creates jobs, that’s not a good thing because we’re diverting resources that we might otherwise have been able to use more productively to make necessary repairs to our infrastructure.”
See all of Peter Schiff’s interview with CNBC below.
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