Schiff – The US Will Be On A Gold Standard In 12 To 24 Months
August 31, 2012
Today Peter Schiff stunned King World News when he said the US will be back on a gold standard “… in a year or two.” Schiff also said, “I would have expected a (financial) collapse to have already happened.” Schiff went on to warn, “… at this point I’m going to assume there is no more stay of execution and we are going to have our crisis coming up right after Europe.”
But first, Schiff had this to say regarding Bernanke and his Jackson Hole speech: “QE3 is coming. He’s got that card up his sleeve. It’s been hidden up there for a long time. He’s reluctant to admit it, but he will play it eventually. He’s going to be coy about it because he doesn’t want to actually come out and reveal his hand.”
Peter Schiff continues:
“You know we’ve got a phony recovery, so it’s going to fail. So we are going to get more QE. It’s not that we need it, but if we don’t have QE3, then we are back in recession. The Fed is going to try to stop that, even though the recession is part of the cure.
We have a lot of problems, and if we cure them it’s going to mean a short-term recession as we repair the damage. Until the Fed lets us have a real recession, as painful as that may be, we are never going to have a recovery. We’re just going to have these artificial, stimulus induced highs that are going to result in relapse to recession as the stimulus wears off.
We’ve got massive economic imbalances, structural malinvestments around the world because the dollar is the reserve currency. It’s too weak. We print too many. So other central banks have to print up more money to buy up all of the unwanted dollars.
All of this money printing and central planning by the central banks trying to manipulate the economies is resulting in all of these problems. Until we put an end to this, the problems keep getting worse. Who is more reckless, Europe or the US? I think we’re still in the lead. So I think we’ll win the race to the bottom when it comes to debasing the currency.”