We are the most dependent nation on the world. We depend on others countries like no other country. Think about it. We have the world`s biggest trade deficit, which means that we depend on other countries to produce the products that we need. We can`t produce them ourselves, how is that self-sufficient?
We also have to borrow the money. Because we don`t produce enough to export to pay for our imports, we have to borrow money. We count on the world to finance all the goods that we can`t afford. So not only we import the most but we have to borrow all this money to pay for our imports. If we have to borrow all this money from foreign countries, how are we self-sufficient?
We have the biggest trade deficit in the world, the biggest current account deficit in the world and we are the world`s biggest debtor nation. We owe more money to other countries than all the countries in the world combined!
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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