Peter Schiff Warns The US dollar Is the Most Dangerous Currency of All, Buy Gold
SilverDoctors.com
March 7, 2016
The ride on the china gravy train will soon come to an end.
When the collapse in the dollar occurs, there will be a widespread return to using gold and silver as money
Submitted by Global Financial Intelligence:
Guillermo Barba’s Global Financial Intelligence is honored to present this exclusive interview with Peter Schiff. Schiff is Chairman of SchiffGold, CEO and Chief Global Strategist of Euro Pacific Capital, Inc., and host of The Peter Schiff Show. Peter is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics.
Thanks for accepting this interview, Peter.
Guillermo Barba (GB) Are the American and the world economies in bad or in good shape?
Peter Schiff (PS) The American economy is certainly in a lot worse shape than Yellen, Draghi and other central bankers are willing to admit. If it wasn’t for the Fed’s cheap credit which has duped the markets into thinking we have recovered and are well on our way into another bull market then they would all know this by now. Unfortunately, when markets finally wake up to the reality that they have been living on the Fed’s dole, there is going to be a rude awakening. Unless the Federal Reserve lowers rates again, there is no reason for a sustained rally in US stocks, and job growth is still lackluster at best despite the unemployment numbers published by the Fed. Such numbers do not take into account temporary jobs and other loopholes that are not accounted for. We may already be seeing the beginnings of another recession here in the US with how equities have opened this year.
(GB) How did the US get to this financial and economic mess?
(PS) I think the major cause to the financial and economic mess in which we find ourselves today is that there are no more free markets in the US anymore. America used to be a place where you could conduct business and make a profit by serving a need that others had. It’s not like that anymore. As government has grown over the years so has their appetite. They want to regulate everything. They want to tax everything. They want to make it harder on everyone else so that they can finance their own programs and projects.
In financial markets it’s just as bad and getting worse. Because of Central Banks like the Federal Reserve who intervene in markets in so many ways, they have nearly removed the free market mechanisms that used to exist. Now markets are just drunk and dependent on what the Fed does to stay afloat it’s become a dog and pony show. Instead of markets deciding who should fail and who should survive, the central bank decides. Instead of the marketing determining the best interest rate, it’s determined by the Fed. Instead of the market deciding the best money, we are all forced to participate in the broken dollar system. As a business owner it is very difficult to make sound decisions in such an environment. How can you accurately gauge profits when those supposed profits are measured with a broken money i.e. the dollar? In large part the entire world has embarked on the same disastrous path as the US has in terms of artificially lowering the interest rate and printing money into oblivion in order to keep the economy on life support. But who wants to be a vegetable on life support?
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