Peter Schiff’s Fortune Telling About Our Debt and China

Peter Schiff gave a speech at the Mises Institute on March 13, 2009 to a group of economists speaking about what will happen with our debt that is being held by the Chinese. One would think this is a comedy routine until Peter gets to the end of the video…

It works until nobody wants to lend us any more money, and then we are going to have to default, just like Bernie (Madoff) did, and there is only two ways we can default; we just legitimately don’t pay or we print money.

The entire 1:16:27 speech can be found here.

Now given that information and the fact that China and Russia have agreed to trade each others currencies, where do you think we are going to end up with this information?  Only our government is so stupid as to not read the tea leaves in time.

China, India, Russia vow to deepen cooperation

Has anybody noticed the Asian markets today?

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