Mr. Schiff is to early twenty-first century U.S. economic policy what Winston Churchill was to British foreign policy eighty years ago:
In a somewhat rambling delivery, Schiff laid out themes that have also been presented in these articles regarding the poor quality of the so-called "recovery," the shaky condition of the financial system due to the very actions taken supposedly to rescue the economy from the 2008 episode of the ongoing financial crisis and the prospect that when the next episode occurs, the authorities will not be able to administer the next round of bailouts without destroying the currency.
Schiff reiterated a theme of these articles, that quantitative easing will never end, but the tolerance of the market for dollar-denominated assets will end and bring about the next crisis episode. He exhorted his audience to move their assets out of dollars and into currencies from Asia and Northern Europe where governments have made "fewer mistakes" than we have made, perhaps because their central bankers are less delusional than ours are.
The C-SPAN interview for his book The Real Crash: America's Coming Bankruptcy — How to Save Yourself and Your Country isn't on YouTube yet, but here's another equivalent interview:
It's really very simple: One cannot engineer a financial collapse, then pour on heavy tax increases, suffocating regulations, nationalize entire industries, accelerate the debt spiral, debase the currency to camouflage the entire mess while spouting BS about a "recovery" that never materializes, and expect people to bel....no, obviously, you can bamboozle the public into swallowing the propaganda, elsewise Barack Obama would never have been re-elected. But you can't so purposefully and persistently sabotage the American economy for such a sustained period of time and not eventually reap the whirlwind of stagflation and permanent economic depression.
The irony is, we've been in a permanent economic depression for the past six years. The "Great Collapse" to which Mr. Schiff refers will simply be the camouflage disintegrating and the bubbles of delusion popping. Kind of like ignoring that "funny rash" that's naggingly worried you for years and then finally going to the doctor to have him take a look at it (actually, you could make an appointment as soon as the rash appears and you still couldn't get in to see him for years thanks to ObamaCare, so procrastination is not as relevant as it used to be, but I digress....) and learning that you have under 24 hours to live.
Or, if you prefer Loony Tunes illustrations....
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