of euro pacific capital incorporated hey there peter thanks for joining me now as i mentioned richard duncan calls this federal debt debt spiral is a factor is an exaggeration well i don't think he's exaggerating you know for years i think i was more bearish dinner richard duncan maybe he's trying to get out bearish me at this point but you know we are definitely headed for a real economic crisis in the united states what happened in two thousand and eight was just the opening activity there main event is still coming in the debt is every you know every much a part of it you know how it's going to be unwound it's going to be a currency crisis for the dollar collapses because we print all this money because we don't want to default and we can't pay or will be some kind of combination of inflation and default but either way the chickens are going to come home the u.s. is going to be held accountable for trillions of dollars that we've borrowed and spent and we are simply unable to pay it back and we've created an economy a phony a con the that is completely dependent on the ability to keep bor

could in civilization as we know it those harsh words were used by former world bank khana mr richard duncan to describe the path that the u.s. economy could take if major changes don't happen and fast here's what he said recently on c.m.t. see if they don't prevent the credit supply from contracting then we will have a new depression so the policy is to ensure the credit continues to expand and now that's what government debt is doing increasing government is making total debt grow otherwise we would have already collapsed into a deflation death spiral and duncan isn't alone in his fears experts including former reagan administration economist laurence kotlikoff and dr kirk moore's agree and yet little is being done to reverse this trend let alone address it in the first place to help me get to the root of the problem and offer some possible solutions i was joined earlier by peter schiff he's the c.e.o. of euro pacific capital incorporated i began by asking him if calling for the federal debt a debt spiral is accurate or if it's just an exaggeration well i don't think he's exaggerating you