Thursday, May 19, 2011
Picnic at Duke Gardens, Another video from Peter Schiff
Wayne, his mom, and Tara sitting on a bench at Duke Gardens. Tiffany was our "tour guide."
(Change of subject)
Here is a video interview with Peter Schiff from Tues. May 17, 2011. http://www.rtr.org/videos/2/20013
A quote from the video:
Interviewer: Geitner is continuing to threaten that delaying a vote [saying that if Congress doesn't raise the debt ceiling], would create even more instability. What are your thoughts on that?
Peter Schiff: We're going to have the instability eventually, why not have it now when we can deal with it, why make the problem worse and then have even greater instability later.
Because the real threat is not that we fail to raise the debt ceiling, but that we raise it again.
Interviewer: So by raising it again, all we are doing is just delaying this inevitable super collapse which is on the horizon?
Peter Schiff: Absolutely. So let's deal with it now on our own terms before we are dealing with it on our creditor's terms.
Because remember, the debt limit is a self-imposed limit on borrowing. At some point we will have a limit imposed by our creditors, by the rest of the world.
It won't be that we don't want to borrow. It will be that nobody wants to lend, and that is a much deeper crisis that we are heading for.