Schiff: America's Phony Economy

Nothing that's occurred in the past six months has changed Schiff's view that America's economy is headed for disaster. In fact, he's even more convinced a true "currency crisis" awaits, and that China will soon stop enabling America's reckless borrowing, the basis its "phony" economy. The coming collapse of the dollar and bursting of the Treasury bubble will have devastating consequences for ordinary Americans, and any investors based in dollars, he says.

The economy today is "worse [because] we are much more deeply indebted than in March," Schiff declares. "We've dug ourselves a deeper hole."

Nochi Dankner, Itzhak Tshoova (pic) and other Israeli entrepreneurs say nothing and keep building those Las Vegas and Miami monster hotel projects. Israelis have no fear of the future.