Propping up debt with more debt, where is the logic?
Before the world’s financial system went into meltdown, the US Congress floated the idea of a housing finance program that would offer home ownership for all, supporting those who couldn’t afford the down payments.
When things didn’t go as planned the government promised the public the biggest financial stimulus package in history and pumped trillions into the banking system that was already in trouble.
What were they thinking? Sure the government can bailout the banks, but who can save the government?
With Iceland and Greece already having already collapsed, forecasters anticipated other nations would find their debts will reach 100 percent of their own Gross Domestic Product. And for the second time in modern society, the world is facing the reality that the idea of capitalism is fundamentally flawed.
Overdose: The Next Financial Crisis features economist Peter Schiff and Trends master Gerald Celente, who offers an accurate and in-depth understanding of the world’s greatest economic disasters of our time.