November 9, 2012 By Andrew Moran
Shortly after Economic Collapse News published its
article entitled “Analysts predict massive inflation, $2300 gold by 2014,”
Peter Schiff, President of Euro Pacific Capital and former Republican senate
candidate, published a video talking about the implications of President Barack
Obama being reelected.
In the video, Schiff
talks about what a second term for Obama means for the United States, the
markets, the U.S. dollar and gold. Schiff noted in the YouTube description that the near
20-minute video omits the possibility of a Mitt Romney administration repealing
Obamacare and Dodd/Frank.
“Such a possibility is
now completely off the table. As neither of these horrific laws were fully implemented
during Obama’s first term, the extent of the damage they will inflict on the
American economy will not be evident until his second,” wrote Schiff.
“Therefore, it makes perfect sense that the U.S. stock market would be
marked-down to reflect the permanency of these laws. However, the biggest mark-
down will likely be reserved for the dollar, and the American standard of
living that depends on its purchasing power.”
As ECN reported Wednesday, many are
predicting a collapse of the U.S. economy and even if it doesn’t collapse it
still will not get any better because the national debt will reach $20.3
trillion by the end of his presidency, the budget deficit will exceed a
trillion dollars again in 2016/2017, taxes will soar and the economy will
remain weak.
The
video is below:
http://www.youtube.com/watch?feature=player_embedded&v=KLXPmi6W9bc
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