Here's the second part of Robert Williams' Wall Street Daily interview with Peter Schiff. They discuss what the supposed recovery looks like to everyday Americans, and why the next crisis is going to be a dollar crisis. Listen to the first part here.

Click HERE to Listen to the Interview

HERE

Highlights from Peter's interview:

“The dollar is only strengthening because people expect the Federal Reserve to do things that it's not going to do, and because they have confidence in the legitimacy of the US recovery. The recovery is here only as long as the Fed is supporting it. It's not a real recovery; it's a bubble masquerading as a recovery. If the Fed is not blowing more air into it, it's going to deflate. People don't understand that…

“If you look at actual Americans who are living in the supposed recovery, from their vantage point, there is no recovery… The average American is worse off today than when the recovery began five or six years ago. If it was a legitimate recovery that would not be the case. There's never been a recovery where people were worse off at the end of the recovery than at the beginning. What did we recover from? We got sicker. People's incomes are down, their net worths are down. People are losing good jobs, [and] they're having to settle for lousy part-time jobs…

“GDP doesn't tell the whole story. Of course, I don't even necessarily trust the GDP numbers, because I don't trust the source and I don't trust the government's inflation measure. The GDP only goes up if you believe inflation is as low as the government claims. They have to adjust the nominal GDP numbers for the inflation rate that they say exists… Most Americans, from their personal experience would say that inflation has got to be closer to 3.5% than 1.5%. In fact, it's probably even higher…

“Yes, other economies are having problems, but the US is going to have even more problems. The reason that we've been temporarily spared the consequences is because of the confidence that people have. We're able to borrow more money, and as we spend that money, that keeps those forces at bay. But spending more borrowed money just exacerbates the problem, because now we have even more debt. Our capacity to repay the debt is diminished all the more…