Money manager Peter Schiff warns that Japan will likely stop buying U.S. government debt. He contends, “If the Central Bank of Japan has a choice between monetizing Japanese debt or U.S. debt, they’ll go for their own debt . . . that means the Fed has to print even more money.” Closer to home, the new debt deal also means more money printing because of even bigger deficits. According to Schiff, “The majority of the tax increases were cancelled. The spending cuts were cancelled . . . the Fed is going to have to keep buying bonds to keep interest rates from surging.” Schiff thinks talk from the Fed about stopping the $85 billion a month money printing (QE) is preposterous. Schiff says, “They can’t do it. . . . The minute they try to take the cheap money away, the phony economy is going to crumble.” What’s not going to crumble is the gold and silver market. Even though precious metals have been down recently, Schiff says, “So what, buy more. Look at the sell off as an opportunity to unload more of your fiat currency and get some real money.” Join Greg Hunter as he goes One-on-One with Peter Schiff. [Read more...]