“Ultimately the implosion in the economy is much more dramatic than in 08 because there are no bailouts coming. There’s nobody to bail out the bailer. Once the government fails its game over and so this is the final bubble and I called it in my book, the government bubble. That’s what it is, it’s a bubble in government and it’s sustained by low interest rates, just like the housing bubble was sustained by low interest rates. But, you know all bubbles burst. It’s inevitable; the problem isn’t that this bubble is going to burst, the problem is that we inflated it in the first place and that we continue to blow air into it.”

http://www.wallstreetoasis.com/blog/peter-schiff-interview-the-inevitable-collapse-of-america-part-1

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