On the current trajectory, the national debt likely will hit $20 trillion in a few years. If, by that time, interest rates were to return to 5 percent (a low rate by postwar standards) interest payments on the debt could run around $1 trillion per year. Such a sum would represent almost 40 percent of total current federal revenues and likely would constitute the single largest line item in the federal budget. A balance sheet so constructed would create an immediate fiscal crisis in the United States. - excerpt from The real fiscal cliff - Washington Times
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.
A Bear Market For Bonds Will Go On For A Long Time - "Not this month, but it's certainly going to go back into a bear market. And bond cycles are long for both the bear and the bull. This bull market has last...
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