Sol Rosenberg

Peter Schiff: Outlook for the Gold Market

Will people please stop bringing up Japan as a model for what will happen in the US? Japan had a high household saving rate and low household debt. The US has a low household saving rate and high household debt. Also, Japan has less than half of the population of the US and doesn't issue the world's reserve currency.

The fact is there is no model for what will happen in the US, because there has never in the history of the world been a country with so much debt of all forms, household, corporate, and government. The US also has the biggest economy in history, the biggest military in history, and the biggest government in history.

This is uncharted territory.