The US is "broke"

It's not easy telling the grim truth.
There has been an outcry in some quarters over the suggestion that US is in such serious trouble, it itself is broke.
The doom message came from Peter Schiff who is president of Euro Pacific Capital and author of "The Little Book of Bull Moves in Bear Markets" in an op-ed in the Wall Street Journal.
"The bad news is that our economy is broken and there is nothing the government can do to fix it. However, the free market does have a cure: it's called a recession, and it's not fun, easy or quick. But if we put our faith in the power of government to make the pain go away, we will live with the consequences for generations."

Schiff is no fool. He had been preaching the decline in the housing market way ahead of when it happened and at a time others were predicting nothing but boomtimes ahead.