Peter Schiff Says Raising Debt Ceiling Won’t Preserve America’s Prosperity But This Will

Edmund Phelps, winner of the 2006 Nobel Prize in Economics and Professor of Political Economy at Columbia University and US Economist, Peter Schiff (L) attend the annual Krynica Economic Forum -known as the 'Davos of the East'- on September 11, 2009. The 19th Krynica Economic Forum opened on September 9 in southern Poland, under the theme of European Solidarity 20 years after the revolution. BARTEK WRZESNIOWSK/BENZINGA

As the government and Republic lawmakers work overtime to settle the debt ceiling issue amicably, noted economist and gold bull Peter Schiff said a resolution alone will not work wonders for the U.S.

US economist, Peter Schiff looks on as he attends the annual Krynica Economic Forum -known as the ‘Davos of the East’- on September 11, 2009. The 19th Krynica Economic Forum opened on September 9 in southern Poland, under the theme of European Solidarity 20 years after the revolution. BARTEK WRZESNIOWSK/BENZINGA