U.S. Debt: Why The Federal Reserve Needs To Keep Rates Low

We don`t want to admit that we are insolvent so we have to raise the debt ceiling, so that we can continue to pretend that we can afford to pay the debt back, when it is impossible. In fact the debt is now so large, not only can`t we afford to repay it, we can`t even afford to service it if we have to pay a market rate of interest, which is why the Federal Reserve has to keep interest rates as low as possible for as long as possible.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.