Peter Schiff, CEO and chief global strategist of Euro Pacific Capital is broke. How is this possible? "If you look at the increase in contingency liabilities in just the past year with government pensions, social security and mortgage obligations, the true amount of the increase in the debt is not $1.4 trillion, rather $5 trillion," Schiff said. That is equal to $43,000 per household, or about 90% of the average household income. "In order to pay that off, you'd have to increase taxes by 90%," Schiff said. The financial trouble Europe is experiencing has taken the focus off of America's financial problems. "The euro crisis is a godsend, in a way, but it won't last, and in many ways we're worse off than Europe," he said.
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