One of the Austrian economists that predicted the collapse almost a full decade before it happened testified before the Congressional Jobs Committee. Peter Schiff is the CEO of Euro-Pacific Capital, and an author of several books on this very topic.
“We have some serious structural problems underlying the US economy and we cannot solve them until we understand them. We have borrowed and spent our way into a gigantic ditch. We are not going to get out of the ditch by digging it deeper. We have to reverse the mistakes of the past. Not repeat them.
Government stimulus will never grow this economy. It will never create jobs. It is the equivalent of trying to put out a fire by pouring gasoline on it. We have to understand that the housing bubble, the financial crisis of 2008, 2 events that I predicted and warned about were the consequence of government stimulus. We stimulated our way into this problem. We are not going to stimulate our way out”- Peter Schiff
(3 votes, average: 4.33 out of 5, rated)
