Peter Schiff Delivers Dire Warning to America on Bernie Sanders
Bernie Sanders’ socialist policies are dangerous and could bankrupt the U.S. economy. At least, that’s the opinion of renowned market commentator Peter Schiff.
Peter Schiff is angry at how the economy is faring and is taking it all out on the Fed and the Democrats. In his latest interview, Schiff reiterated his stance that the Fed might, once again, backtrack on its plans of a rate hike. (Source: “Why Not Go All-In on Socialism?” Peter Schiff’s YouTube channel, November 23, 2015.)
Schiff is of the view that by prolonging the rate hike, the Fed has weakened the U.S. markets. Schiff believes the economy hasn’t fully recovered from the last recession and a rate hike makes little sense at this point.
“I think it [the U.S. economy] is very weak. Since the last time you and I spoke, we’ve had some horrible earnings at major retailers like Macy’s and Nordstrom’s, where sales have just really collapsed. That’s following bad numbers from The Gap, from Wal-Mart. If this is a recovery, why aren’t consumers shopping? If we really are creating all these jobs, why don’t the unemployed need to spruce up their wardrobes for their new jobs? I think the fact that spending is falling is a bad sign.
[…] But I do believe if they do raise rates slightly, they’re going to try to cover their tracks by leaving the door open, by saying, look, we just raised rates, but we can go either way with the next move. We may hike, we may cut, depending on the data.”
The most interesting part of this interview, however, comes towards the end of it. According to Schiff, the solution to our economic problems lies in electing a “socialist” Democrat. Schiff concluded the interview with the following sensational remarks on the Democratic presidential candidate Bernie Sanders.
“In his heart of hearts, Bernie Sanders is a socialist. He doesn’t believe in the free enterprise system. He doesn’t believe in capitalism. Look at anything he used to write or stand for before he ran for president. He does not believe in the principles that we fought the American Revolution on. He embraces the principles that they fought the Russian Revolution on. But, you know, there’s an argument to be made that maybe Sanders could actually help.
By having Sanders as President, he’ll screw up the country so badly so quickly—and it’s already screwed up—that he might hasten a real revolution towards free markets, to abandon all this nonsense because all he wants to do is make the welfare state bigger.
[…] The stuff he wants to do would bankrupt the country, bankrupt America, but the problem is we’re already bankrupt. So why not go all-in on socialism so we know how bad it is, so we can puke it all out and start over again.
I really would like to see the collapse on a Democrat watch, especially one that embraces government […] and if it happens under Bernie Sanders’ watch, we could really come out with something really good on the other side of the Sanders administration.”
You can watch the complete interview here.
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