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Peter Schiff predicts doom
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[QUOTE]Originally posted by Propertymanager: [QB] [QUOTE]The fact is that the problem is not just here in the U.S. it is worldwide. It is affecting Governments of all ideologies. Free market capitalist as well as Socialists etc.[/QUOTE]We've been moving steadily toward socialism since the 1930's. What significant government in this world could be considered "free market capitalist"? There isn't one. That IS the problem and the US is the key. We've been borrowing money for decades to finance the illusion that has been our lifestyle. Our status and leadership in the world stems from our power from winning WWII. If we truly were a capitalist society and weren't spending money we didn't have on social programs for the lazy, then we would not be in this mess. The world for their part has been stupid enough to lend us money. They've been doing exactly what our banks have been doing - lending money to a party that is not credit worthy. We're now broke and the world knows that their investment is worth far less than they thought. Additionally, since we are their customer base, they're in a catch 22 situation. If they don't lend to us, we can't buy their junk. If we don't buy their junk, they're in deep trouble. This is a long term problem that is directly attributable to the move toward socialism and social engineering in this country. [/QB][/QUOTE]
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