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IPFS News Link • Economy - Economics USA

Peter Schiff: The Dollar Is Monopoly Money Supported By A Ponzi Scheme

• Zero Hedge


The national debt quietly pushed past $30 trillion on Jan. 31. But that is only the tip of the debt iceberg. The American taxpayer is on the hook for a lot more than that. In his podcast, Peter Schiff said US government borrowing and spending has turned the dollar into monopoly money propped up by a massive Ponzi Scheme.

On top of the federal government's $30 trillion of debt, you have to add state and local government debt totaling about another $3.2 trillion. That brings the total debt to GDP ratio in the US to 142 percent. Peter called this a "shockingly high number."

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