Part 2 of the Tom Woods with Peter Schiff interview. The prices of gold and silver continue to go up. The upside to the fiscal collapse is that people who understand all of this may be in a better position when all the dust clears. The danger is that people who profit during this period may be vilified and have their wealth confiscated.
Social security now pays out more than it takes in. If interest rates rise at all, things could begin to turn ugly. No provision is being made for the fact that there are major demographic changes occurring. By the middle of this century, there will be 13 times as many people over 100 years old as there are now. It’s not like saying social security and Obamacare are going to run into trouble is a wild speculation. All you need to do is some basic math. It has nothing to do with being a misanthrope or being uncaring. It is just using logic to see that these programs are going to cause major pain for a lot of people on down the road. We should fix the problems now when there is still time.
No one wants the phony prosperity that we are in to end. People who were getting rich on dot com stocks didn’t want to hear that they were in a bubble. People became upset with Peter Schiff when he tried to warn people back then. A couple years ago, no one wanted to hear that the prices of their homes were in a bubble. This is the world that these people want to live in, but unfortunately reality always shows itself. Looking back, the Internet bubble seems obvious, and it seems obvious that the adjustable rate mortgages were going to cause a lot of problems, but no one could see it during the time that it was happening. People who invested with Peter Schiff were a bit more protected.