Peter Schiff

So they haven't been able to move long-term rates down.

And I think long-term rates are going to soar in this country.

And I think in order to prevent long-term rates from really rising, the Fed is going to be monetizing more debt, printing more money, creating more inflation.

Remember, we're spending now...

over a trillion dollars a year, just on interest on the national debt, like 1.2, 1.3 trillion, that's going to hit 2 trillion probably sometime next year.

Because almost all of the national debt is financed with treasury bills, right?

Back when interest rates got to 20% in 1980, most of the national debt was long-term.

So it was unaffected by the big move.

It only affected the new borrowing.

But now, if a third of the national debt comes due in the next year, the government has to refinance that at whatever the current rate of interest is.

So I think we're headed for this fiscal time bomb where the cost of servicing the debt is skyrocketing.

I mean, in not too many years, it could cost us

more than we collect in taxes just to pay the interest on what we've borrowed.

Because the debt service costs are exploding.

And the only reason they're not much higher now is because rates are still low.

You know, 4% is low, right?

Donald Trump wants them lower.

You know, he wants, you know, 0% or 1%.

But the reason he wants that, he wants just more inflation.

He wants to try to blow air into the bubble to hide the fact that the economy is actually getting weaker.