The government will now attempt to keep bad loans from failing and real estate prices from falling. Rather then allowing market forces to rein in excess borrowing and replenish savings, it will encourage even more borrowing and drain what is left of our savings pool. Rather than allowing our economy to return to one based on legitimate production, it will continue to encourage reckless consumption.

In the end, by refusing to allow market forces to work their cure, our economy will inevitably die from the disease. Our economy will now face death by hyperinflation, which will cause a complete loss of confidence in the dollar and result in prices and interest rates skyrocketing out of s...

The government will now attempt to keep bad loans from failing and real estate prices from falling. Rather then allowing market forces to rein in excess borrowing and replenish savings, it will encourage even more borrowing and drain what is left of our savings pool. Rather than allowing our economy to return to one based on legitimate production, it will continue to encourage reckless consumption.

In the end, by refusing to allow market forces to work their cure, our economy will inevitably die from the disease. Our economy will now face death by hyperinflation, which will cause a complete loss of confidence in the dollar and result in prices and interest rates skyrocketing out of sight. The evaporation of our national wealth will lead to civil unrest, food and energy shortages, and the possible imposition of martial law. If such a scenario unfolds, what is left of our Constitution will surely be completely shredded.

Fears of a global meltdown are based on the misconception that the U.S. economy is the tent pole for economic activity around the world. The premise of my entire argument is that the U.S. economy, by consuming so much of the world's resources and manufactured goods, and borrowing so much of the world's savings, has in fact been a drag on the global economy.

The enormous global vendor financing scheme is finally coming to an end as the vendors discover that their biggest customer is flat broke. In the short run, our creditors are experiencing some pain because they finally realize that they will never get their money back.

Once the foreign stock markets take this hit, they will be far better poised to grow than their American counterpart. Foreigners will reclaim their productivity and savings for themselves, and will subsequently experience the biggest global economic boom in history. America on the other hand will fare much worse, as we will be left with a hollowed out manufacturing base, dilapidated infrastructure, no savings, and a gigantic Federal Government that will regulate, spend, borrow and print our economy into ruin.

Peter Schiff is the President, Founder and Chief Global Strategist for Euro Pacific Capital. He is widely acknowledged as a expert in international markets, and in global...

Once the foreign stock markets take this hit, they will be far better poised to grow than their American counterpart. Foreigners will reclaim their productivity and savings for themselves, and will subsequently experience the biggest global economic boom in history. America on the other hand will fare much worse, as we will be left with a hollowed out manufacturing base, dilapidated infrastructure, no savings, and a gigantic Federal Government that will regulate, spend, borrow and print our economy into ruin.

Peter Schiff is the President, Founder and Chief Global Strategist for Euro Pacific Capital. He is widely acknowledged as a expert in international markets, and in global economic strategy. He is a speaker at all the major investment conferences. He is regularly featured on CNBC and Bloomerg TV , and often quoted in the Wall Street Journal, Barron's, New York Times, the Financial Times, Investors Business Daily, and many others.

I believe it could be very serious. Most in the past couple of generations haven't experienced homelessness or poverty where you can't afford to buy a cup of coffee or a can of beans.

They don't know that when you can't pay the rent, you will be evicted.

When you have no money nobody walks up to you and gives you a hundred bucks.

They expect to be taken care of.

The first step down is when you start living in your car or you start sleeping under bridges. You wonder how you got there. Soon you can lose hope of getting out.
It will take strength, courage and belief to do so.

There's an expression about falling off a roof (having a crisis like losing your home or your job; or both).

It sa...

I believe it could be very serious. Most in the past couple of generations haven't experienced homelessness or poverty where you can't afford to buy a cup of coffee or a can of beans.

They don't know that when you can't pay the rent, you will be evicted.

When you have no money nobody walks up to you and gives you a hundred bucks.

They expect to be taken care of.

The first step down is when you start living in your car or you start sleeping under bridges. You wonder how you got there. Soon you can lose hope of getting out.
It will take strength, courage and belief to do so.

There's an expression about falling off a roof (having a crisis like losing your home or your job; or both).

It says: "It's not the free fall that will kill you; it's the sudden stop."