Peter Schiff interviewed on King World News re financial future:

[GALTGULCH8]

here is an excerpt of the prelude to the interview:

<<<"Schiff also warned: “The perfect storm is the real fiscal cliff that we’re going to go over. The real fiscal cliff is when we can’t borrow any more money because our creditors wake up to the fact that we’re no good for the debt and interest rates start to rise.

They (interest rates) rise sharply and then we have to choose between default and collapse, or runaway inflation. That’s really the perfect storm and unfortunately we are sailing right in to it.”

Schiff also added: “We don’t need QE, we only need it the way a heroin addict needs heroin. It’s not good. It’s better to go through withdrawal and get the heroin out of your system. But we’ve got an economy that’s completely dependent on QE. That’s why it’s so screwed up.

We need to break that dependency, but the Federal Reserve doesn’t have the stomach for that. So they are going to keep on ‘fixing’ us with more and more damaging doses of QE. We’re going to get it (QE). The Fed knows it’s coming, it just doesn’t want to admit how weak the economy is.

We’ve built a consumption based economy where everybody borrows money and spends it. The only reason we can do it is because interest rates are at practically zero and we can service the enormity of the debt. But the minute QE goes away and interest rates rise, the party is over, the whole thing collapses. The Fed knows that. So they have to look for more excuses to keep supplying more QE, and keep interest rates at zero. ">>>

Link to the interview at www.kingworldnews.com