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The United States in late 2012 is not dying, it is dead. It is not going bankrupt, it is insolvent. Two economic prophets in particular have been predicting a devastating crash for years.
The fiercely independent financial prognosticator Peter Schiff authored a book entitled “The Real Crash“, arguing that it is only a matter of time before America undergoes a catastrophic economic Great Depression. Schiff argues persuasively that the recent economic history of the U.S. has been one of the government creating bubbles which subsequently crash and burn.
We are on the last bubble, according to Schiff. The debt bubble. The government currency bubble. This is truly the final stage for any nation, when it is so badly in debt that it’s terrified of balancing its budget and resorts to either destroying its currency or being forced into bankruptcy by its creditors.