John Williams: Fed Will Prop Up the System Until it Falls Apart

John Williams of Shadowstats.com predicts an explosion of U.S. debt. He says, "All the projections on the budget deficit are based on positive economic growth going forward. With the ongoing contraction, you'll see a much worse budget deficit. It's going to do bad things to the banking system. The Fed is going to be easing, and they'll say they are easing to stimulate the economy; but in reality, they'll be doing this to prop up the banking system. The rest of the world sees this and they don't want to hold the dollar, and they will sell off the dollar. The Fed is going to have to come in and prop up the system until it falls apart."