Peter Schiff: A Death Blow Is Coming For The Dollar And People Will Run To Gold

Peter Schiff: A Death Blow Is Coming For The Dollar And People Will Run To Gold Via SchiffGold.com, There has been a lot of talk lately about de-dollarization. As just one example, the BRICS nations recently announced they are developing a new currency. Peter Schiff recently appeared on Commodity Culture with Jessie Day to talk about the trajectory of the dollar. He said that the death blow for the dollar is coming. And when it does, people will run to gold. There has been plenty of speculation about de-dollarization recently, but is it a real threat, or is all of the talk just hyperbole? Peter said, “None of it is hyperbole, and all of it will come to pass.” The only thing that’s surprising about the dollar’s reserve status is that it still has it. Despite everything we’ve done, we still have it.” Peter said he thinks the current financial crisis that is just starting will ultimately deliver the death blow to that status. People are still reluctant to call it a financial crisis, but that’s exactly what it is, except it’s bigger in scale and it’s going to be far more impactful than the 2008 crisis. It’s probably going to result in even more aggressive and reckless monetary and fiscal policy. And this time, it’s going to take the dollar’s reserve status down with it.” Peter said that will send Americans’ standard of living much lower. Jessie asked Peter if he thought there is a risk of hyperinflation in the US. Peter said there is always that risk in any country that issues a fiat currency, and that risk is higher now than it’s ever been. But even if the US avoids hyperinflation such as people experienced in Zimbabwe, Peter said he thinks Americans will face very high rates of inflation for many years to come. I mean elevated double-digit inflation and where the first digit might not be a one.” Jessie also asked about the banking sector. Peter said that the entire sector is insolvent, and that includes the “too big to fail” banks. Those banks would fail if the government stepped out of the way.” Peter also pointed out that the claim that “deregulation” caused these problems is a myth. It was excessive regulation. That is the reason that the banks got into this predicament in the first place. And of course, without the Fed holding interest rates so low for so long, they wouldn’t have even been able to have loaded up their balance sheet with all this debt.” So, what does all this mean for gold? There’s no question that just like there’s going to be a run on the banks, meaning people are trying to get their money out of the banks, they’re going to be running to put it into gold. No money is safe now, in the bank. Because, either your bank is going to fail and you will lose your money, or your bank won’t fail because your government bails it out and your money will lose its purchasing power. So, either way, you should withdraw your money now. But don’t stick it under your mattress because it’s going to lose purchasing power there too. You’ve got to convert it to real money. You’ve got to turn it into gold.” Peter goes on to explain why he thinks there will be an eventual return to a gold standard. Tyler Durden Thu, 04/20/2023 – 13:25