Financial analyst Peter Schiff joins RT to answer why the debt ceiling should not be raised, and discusses his future political plans.
Schiff believes Republicans in Congress should refuse to allow the debt ceiling to be raised, but wouldn’t bet on that happening. “Just because we don’t go deeper into debt doesn’t mean we have to default on the money we’ve already borrowed,” says Schiff. “If we don’t restructure the debt, we’re going to inflate it away.”
Schiff argues that the world will stop accepting dollars if the US continues to print money. “The problem is every time the government stimulates the economy to create an artificial boom to postpone the pain, they make the inevitable bust that much worse.”