Peter Schiff tells Cal WatchDog.com’s James Poulos about the coming consequences of our economic policies and why you can’t rely on the dollar. Who will leave California next? Who will leave the United States?

Interviewed by CalWatchDog.com’s James Poulos, Peter Schiff says we have to admit we have a problem … and we all need a lot of economic rehab.

By John Seiler

Gov. Jerry Brown and the California Legislature have been congratulating themselves for passing a budget on time and with a surplus. It’ll likely be the last time they do so for a long time.

I can’t embed this video featuring Peter Schiff, the investment guru; but click here for it. A decade ago he predicted that the bubble economy of that day soon was about to pop, which it did in 2007-08.

He makes similar comments to what I have been writing here: That the current “recovery” is based on the Federal Reserve Board printing trillions of dollars of funny money, while keeping interest rates near zero percent. The policy destroys the savings of the middle class, ripping up the whole economy. The rises in the stock market and housing prices are Fed-pumped illusions about to burst, as they did in 2007-08.

As he points out, housing interest rates already have risen from 3 percent to 4 percent, and soon will rise to 5 percent. When that happens, the housing boom will crash.

Meanwhile, the national debt keeps rising, now to $16.7 trillion. Even worse, the unfunded liabilities of the federal government now stand at a staggering $222 trillion, according to the calculations of Boston University economist Leonard Kotlikoff.

The next recession could be as bad as, or worse than, the Great Recession we supposedly “recovered” from.

Bad economic policies always hurt us in the end.

Make preparations for your own personal and business finances. Don’t be as irresponsible as the federal, state and local governments.

By John Seiler

With inflation gearing up again, there’s one safe way to protect your money that’s existed for millennia: hold it in gold. A new bank lets you do so:

“You can open accounts in dollars or gold bullion at the new Euro Pacific Bank Ltd, launched by Peter Schiff. this is an awesome idea

“You can even get a ‘gold debit card’ that you can use anywhere in the world. It’s backed by actual gold, which converts to whatever currency you’re needing at the time you visit an ATM.”

What a great idea! Real money, not the inflating paper issued by the U.S. government.

But there’s a catch. For Americans nowadays, anything good involves a catch.

“There’s one catch if you are an American: you can’t open an account at this bank if you’re a U.S. citizen.

“U.S. security laws have become so intrusive, burdensome, and expensive to comply with, that it made it difficult for Schiff to offer the services in the U.S. So, Schiff opened his bank offshore, in St. Vincents and the Grenadines. It operates outside the jurisdiction of U.S. security regulations, and does not accept accounts from American citizens or residents.”

This is another indication how our government hates us and treats us like slaves. You’re not free. When you can get a gold credit card — one using real gold, not just a piece of plastic painted to look gold — then you’ll be free.