The clock is ticking down on the US defaulting on their debt, and President Barack Obama is calling for raising the debt ceiling.

I think the important part of this video is pointed out in the first section: “The very fact that we are talking about defaulting means that it’s inevitable.”

I don’t agree with everything Peter Schiff says, but I think he has the foundations of the right idea.

Sure, it sounds like a pessimistic idea, but accepting that the US is in a bad place sounds better than raising a ceiling that is already astronomically high.

August is going to be an interesting month…