Peter Schiff: Obama 2.0 & the Fiscal Cliff

Shortly after Economic Collapse News published its article entitled “Analysts predict massive inflation, $2300 gold by 2014,” Peter Schiff, President of Euro Pacific Capital and former Republican senate candidate, published a video talking about the implications of President Barack Obama being reelected.

In the video, Schiff talks about what a second term for Obama means for the United States, the markets, the U.S. dollar and gold.  Schiff noted in the YouTube description that the near 20-minute video omits the possibility of a Mitt Romney administration repealing Obamacare and Dodd/Frank.

“Such a possibility is now completely off the table. As neither of these horrific laws were fully implemented during Obama’s first term, the extent of the damage they will inflict on the American economy will not be evident until his second,” wrote Schiff.  “Therefore, it makes perfect sense that the U.S. stock market would be marked-down to reflect the permanency of these laws. However, the biggest mark- down will likely be reserved for the dollar, and the American standard of living that depends on its purchasing power.”

As ECN reported Wednesday, many are predicting a collapse of the U.S. economy and even if it doesn’t collapse it still will not get any better because the national debt will reach $20.3 trillion by the end of his presidency, the budget deficit will exceed a trillion dollars again in 2016/2017, taxes will soar and the economy will remain weak.

The video is below:

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