“As interest rates rise, it’s not only going to be the states that can’t pay, but the federal government that can’t pay.
The money they print to bail out these states will render the bonds worth a lot less. You lose either way. Either you lose because the states default and you don’t get your money back or you lose because the government bails them out and you get your money back, but you can’t buy anything with it.”
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.