As long as the world is lending we are going to keep borrowing. So it`s not the debt ceiling, we will always raise that. It`s the lending ceiling, the eventual collapse is going to be imposed upon us from abroad. When the world does not want to buy our bonds anymore, then the dollar is going to crash. We are going to have a dollar crisis, we are going to have a sovereign debt crisis and the party will come to an end.
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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