Saturday, August 29, 2015

Peter Schiff : U.S. Dollar Crisis Is Underway

 Peter Schiff, economist, best-selling author, and CEO of Euro Pacific Capital, believes a U.S. dollar crisis is underway.

"The dollar is very overvalued…and the dollar is a bubble," he told Newsmax Prime on Aug. 11. "This dollar bubble is going to burst."

Indeed, less than two weeks after Schiff's interview, the U.S. dollar index, which measures the greenback against a basket of currencies, has retreated 2.1% to 93.063 for a fourth-straight loss.

And U.S. markets are getting rocked with a major sell-off – last week finished out as the worst for stocks in four years…

On Friday, Aug. 21 (the last full trading session), the Dow Jones Industrial Average closed down 6.2% for a total 10.1% loss since its May peak. The S&P 500 has dropped 7.5% from its May 21 record close.

The sell-off continued today (Monday). Within minutes of the first trades, the DJIA plunged 1,000 points. Stocks quickly recovered – an hour into trading, the Dow was down about 450 points, still on track for a major loss.

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