Financial analyst and author Peter Schiff joined "Newsmax Prime" host J.D. Hayworth on Monday for a hard-hitting interview where he warns that Greece should be a lesson and that if the U.S. stays on it's current path "we'll be the next Greece."
Schiff highlights the only the real difference between the American economy and what the world is watching play out in Greece right now, stating "The only thing that really separates the [United States] from Greece is that Greek creditors have figured out that Greece is broke and America's creditors are still delusional."
"They still think that we're good for our debts and the only reason that delusion is possible is because interest rates are still at zero… were interest rates ever allowed to rise, it would become obvious that we can't pay our bills and we would have a crisis similar to what Greece is looking at now."
Schiff says Greece "should be a lesson."
"This is what happens when politicians promise more than their taxpayers can pay," he says. "Politicians on both sides of the Atlantic are guilty of this. They pander [to] the voters, they make all sorts of promises and when the bills come due, it's a crisis and they're going to come due in more countries than Greece."
"They're going to come due in America and unfortunately there's a lot more bills that we can't pay," he adds.
In the second video below Schiff, who is the author of several books, including Crash Proof: How to Profit From the Coming Economic Collapse and The Real Crash: America's Coming Bankruptcy – How to Save Yourself and Your Country, joined Alex Jones where expanded on the economic decline of America, explaining to listeners why a "total economic implosion," is "long overdue."
Experts from one end of the financial industry to the other, forecasters, stock market analysts, investors, traders and more have all been warning us of an upcoming financial collapse, nationally and globally, and when historians look back upon the events we are watching play out today, Greece may very well be named the first domino that set off a chain reaction that caused a global economic implosion.