It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
MARK COLVIN: While some push for an extension of the US bail-out to homeowners, others argue that the whole idea of a Government rescue is folly.
Peter Schiff says the market must be left to deal with the mess, and Government intervention will merely delay the inevitable reckoning and lead to a far worse crash.
STEPHEN LONG: You're not suggesting that America could end up in a situation like Zimbabwe with totally out of control inflation?
PETER SCHIFF: No, no… Yes I am. I'm not only suggesting that, I'm saying that.
STEPHEN LONG: Do you think that there is a risk now that China and the oil rich states will no longer be willing to fund the huge US current account deficit and debt?
PETER SCHIFF: Yeah that's going to happen eventually. Maybe this is the straw that finally breaks the camel's back. And the problem is, if we can't get funding from the rest of the world, the only source of funding is the printing press at the Federal Reserve and they will print our currency into oblivion.
STEPHEN LONG: That is a very different view to the view that some people are putting. There are people saying that if America goes into a severe recession then it will bring down China and Australia.
PETER SCHIFF: No. The only way we'll bring down China is if they let it happen. If they tether their economy to our ship and they sink with us.
You see we're not helping out the world's economy. The world is having to support us. The world's problems are the result of having to prop up the United States. If you simply let us sink, you'll be fine.