The party is over for America. This painfully obvious statement came from Peter “the man who called the economic collapse” Schiff, president of Euro Pacific Capital, who was also Ron Paul's economic advisor during the Presidential campaign. Type his name in on YouTube and be amazed by his economic predictions back in 2006.

I know that not many people are eager to hear doom and gloom assessments, but the facts are clear. America is bankrupt and we are about to face an economic collapse like nobody alive has seen before. Our government currently faces $11 Trillion dollars in debt to foreign countries due to decades of reckless borrowing, massive government expansion, expanding social programs, and maintaining our military empire of 700 plus bases across the globe. This amount can never realistically be repaid. It is also clear that our economy is phony because it relies on 72 percent consumption; we hardly produce anything of value anymore, but we enjoy the fruits of other countries' labor. America's savings have been wiped out as well. Borrowing, debt, and spending have taken its place. In the genius that is Austrian Economics, true economic growth can only come about from free markets, sound money (free from government manipulation), savings, and investments. Perpetual borrowing, printing of money and spending is destructive and cannot be sustained. We have seen the booming economy turn into the bust because of the Federal Reserve's artificially low interest rates and massive credit expansion. The Theory of the Austrian Business Cycle developed by Ludwig von Mises clearly explains this boom and bust process due to credit expansion.

The socialization of the banking industry, bailouts, and revving up of the printing presses that the Bush Administration has relied upon combined with the New Deal II pledged by Obama, will put the final nail in the coffin of our economic prosperity. The “bailouts” are now over $8 Trillion dollars! This is a 75% increase in the monetary base in only two months! This money has been created out of thin air, printed by the privately owned international banking cartel known as the Federal Reserve. This is legalized theft! Every time the Fed “lowers interest rates” it is printing more money and devaluing yours. Again, this is institutionalized theft. Since the Federal Reserve was created in 1913, the dollar has lost 95% of its value. It is clear to anyone with common sense that the Federal Reserve (as Federal as Federal Express) is destroying the dollar. Eventually it will become clear to our creditors around the world to dump their dollars in order to save themselves from our government's ignorance (exclude Ron Paul) of free market Austrian Economics. It is not the Free Market that has failed: it is the epitome of central economic planning and economic regulation that has failed: the Federal Reserve and Keynesian economics. If we continue course, we could be looking at hyperinflation and a currency collapse. Remember the Weimar Republic? How about as Thomas Jefferson said, "If the American people ever allow private banks to control the issuance of their currencies, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their prosperity until their children wake up homeless on the continent their fathers conquered."