The Crunch: “It’s Going to Happen In the Next Administration; Regardless of Who Wins This Election”

Our incumbent President says that things are getting better, jobs are being created, and America is on the road to recovery. His opponent, Governor Mitt Romney, says the opposite, but claims he has a plan that will turn things around and bring prosperity back.

According to free market proponent Peter Schiff, it doesn’t matter who wins, because the crunch is coming – and it’s going to become apparent during the next President’s administration.

He [Mitt Romney] is not going to prevent the crisis.

We’re headed for a real economic collapse regardless of who wins this election.

The government has over-promised. There are gigantic Ponzi schemes. They do not work.

Meanwhile, the only reason the economy has not collapsed is because interest rates are artificially low. the Fed cannot keep interest rates low indefinitely, and when interest rates go up the party is over. And then we’re not going to have a choice anymore.

We’re going to have to finally deal with these problems or destroy our currency, and that is a real economic crisis that is going to make 2008 look like a walk in the park.

[The crunch] is going to happen in the next administration.

We can’t fix these problems by repealing Obamacare and cutting taxes. We have structural problems that underline the U.S. economy that are very deep that require real free market reforms, and unfortunately none of the major candidates are even talking about that right now. Read more.....