There’s little doubt that America is one of, if not the, greatest nation to have ever existed.
Our unprecedented experiment in democracy has fueled production growth and wealth accumulation that are unmatched in human history.
Today, even in troubling times and in spite of pressure from rising competitors like China, the United States is viewed by most as a global arbiter and a bastion of unparalleled (though imperfect) equality.
It is undoubtedly the wealthiest nation on the globe and the home of the world’s reserve currency.
And yet, every great nation and empire in history has eventually succumbed to one destructive force or another.
Will America be any different?
According to Peter Schiff, best-selling author of Crash Proof and The Real Crash, American Armageddon is inevitable. Yet it won’t be disease or warfare that topples America.
Instead, it will be economic hubris.
That’s right – the same Peter Schiff who accurately predicted the housing bubble and the subsequent financial crisis believes we’re in for an even more devastating economic collapse, one that will result in a total government bankruptcy.
Schiff calls 2008 “just the beginning.”
The real crash, he says, is the one that’s still coming.
How Did We Get Here?
Now, the coming crash may not look anything like 2007-08. But the effects will be far worse.
Peter predicts fallout on a calamitous scale – civil unrest, lawlessness, borderline anarchy. In other words, a genuine economic crisis.
After all, a total government collapse leaves vital institutions, such as police departments and fire stations, unfunded. Without these fundamental government services, the center can’t hold.
Things fall apart.
The problem lies, at least in part, with bad monetary policy. Given a chance to learn from the mistakes that fueled the Great Recession, the government instead decided to “double down” on those same mistakes.
An era of easy money policies has reflated the housing and stock markets but created a debt burden so huge that the government is now completely insolvent.
And now, on the brink of collapse, the average American remains ill prepared to survive the events that are about to unfold.
“That,” Peter says, “is the consequence of all this bad monetary policy and the moral hazards of the United States government.”
What Can You Do?
Here are three steps you can take right now to protect your wealth.
The dollar is extremely overvalued right now. Indeed, the current dollar bubble is historic – but it won’t last forever.
So long as the dollar is inflated, Peter Schiff recommends buying assets abroad that you can hold forever.
They may be cheap now, but once the dollar bubble bursts and the currency collapses, those overseas assets will suddenly be very valuable.
Go for Gold
Next, Peter recommends holding physical gold. A desperate U.S. government has almost no limitations, meaning any other assets – savings accounts, 401(k)s, etc. – are at their disposal.
The only thing that’s guaranteed to remain in your possession and guaranteed to maintain its value is physical gold.
Peter recommends hiding some gold in a safe place and also storing some offshore in your name.
One place he would not keep gold is in a safe deposit box at a bank. That’s the first place the government would go looking for valuable assets, Peter says.
To the Teeth
Finally, people should not only be armed, but they should also be stockpiling bullets.
“Worst-case scenario – you can barter them. You can trade them to somebody. They’re going to have value, but they might have a lot of value if you actually need to use them,” Peter says.
It’s Not Too Late
Now, you may not believe that an American Armageddon is on the horizon.
But Peter Schiff was right about the housing bubble, and he was right about the Great Recession.
And now, he believes that it’s only a matter of time before the economy crumbles and we face a real financial crisis.
The coming crash will wipe out anyone who isn’t prepared – but it’s not too late to save yourself.
Wall Street Daily Research