Economist Peter Schiff warns that the US national debt could hit $40 trillion by the end of August or sooner, as it has already surpassed $39.9 trillion.
This would put the nation's debt just over 100% of GDP for the first time since World War II.
Schiff predicts that the Federal Reserve will ramp up its efforts to buy Treasuries, leading to a surge in consumer prices as it attempts to ease the government's debt burden.
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