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Peter Schiff - There Will be Riots in the Streets

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Published on Jan 2, 2011

For the latest Peter Schiff, go to - http://PeterSchiffBlog.com

Peter Schiff says that ultimately the United States will go the same way as Greece. Before the entire country goes, a state like California may go bankrupt.

The major problem is all of the unfunded liabilities. Social Security is a big problem, but even worse may be all of the guaranteed pensions for government employees.

Of course, one woman on the panel thinks that raising taxes on the rich will solve all of the problems. Peter Schiff explains that he already pays 45% of his income in income taxes. He says that if he is so tired of getting taxed that he would rather work less than to pay more taxes.

The main problem with Europe is that everyone is addicted to their entitlements. Of course, that would also accurately describe a large portion of the American public. If the government defaults on its debt, the people who are hurt the most will be ex-government workers and the elderly who may mostly rely on monthly checks from the federal government.

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