Peter Schiff spoke about his book “Cash Proof: How To Profit From The Coming Economic Collapse” at a meeting held by Google. Peter Schiff talks about how the economy is doing and where its heading.
Schiff goes on saying that the U.S suffered because it was living on a bubble economy and that we were borrowing money from other countries only to buy products they produced. The U.S was spending borrowed money and thus sunk lower into its debt. Instead of focusing on production, spending was the first thing the U.S did.
Wall Street also used up that money based on speculations they had. Overall, GDP was not stated as it should have been. Growth was depicted based on the spending made.
Watch the full hour clip of Mr.Schiff’s speech below to get a full insight:
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