Peter Schiff: The World Is Going to Reject the Dollar Standard


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September 17, 2020 by SchiffGold 0 0

Peter Schiff recently did a discussion at the Endeavour Silver City Center Webinar. He talked about the state of the economy, the United States dollar, and gold and silver Peter said he believes we will see a gold bull market measuring up to the 1970 s due to the fact that the world is going to turn down the dollar standard and return to a gold standard.

Peter said we had a peak in gold and silver costs in 2011 due to the fact that the Federal Reserve managed to encourage the world that it could “do the impossible.”

That it might really stabilize rate of interest after having kept them at zero for numerous many years, and it could shrink its balance sheet pull back to typical after blowing it as much as four-and-a-half trillion.”

The Fed made an effort to normalize monetary policy, however it had to reverse course in the fall of2018 From there, we saw 3 rate cuts and a go back to QE in 2015. The debt-ridden bubble economy couldn’t bear 2.5% rates of interest.

That’s the problem. When the Fed creates a counterfeit healing by levering everybody up with financial obligation, they can’t get rid of the financial obligation. You can’t prop the economy up and then get rid of the prop.”

When COVID came, the Fed went directly to no and introduced QE infinity

This backs the Fed into a corner. At this point, there’s no other way anyone is going to believe the central bank even if it tries to bluff that it’s going to raise rates or diminish its balance sheet.

So, that is what conserved the dollar and put a short-term top on gold. Well, we’ve now built a huge bottom in gold over the last years and we will blow up higher. And the dollar will get killed– not just agianst gold, but against all the other world’s fiat currencies. And there’s nothing that’s going to stop it. Because unlike 1980, when that booming market stopped with $800 gold, rates of interest were enabled to go to 20% to stop that. They can’t even go to 2% now. We currently showed that. Two percent is expensive. How are we going to go to 20? The Fed is never ever going to be able to permit rates to increase because of all the debt it allowed everyone to build up by keeping them so low for so long.”

The Fed has efficiently taken battling inflation off the table

The Fed needs to surrender to inflation. Inflation wins. It’s a knockout.”

Peter stated the dollar will be sacrificed to prop whatever else up.

What is about to take place is the world is going to decline the dollar requirement and go back to the gold requirement. That’s where we’re going. Gold beats all of these fiat currencies hands-down. And so gold was the reserve prior to the dollar and it will be the reserve after the dollar. That’s the only financial system that works.”

Peter goes on to explain how this is going to occur.

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