Peter Schiff: Countries Worldwide ready to Dump U.S. Dollar

We have Accelerated the Process of the Dollar’s Demise economist Peter Schiff told Russian TV RT today , Peter pointed out that the problems for the US started long before Donald Trump. The real issue for the dollar and what’s going to sink the dollar is our own fiscal profligacy. And these large deficits, budget deficits and trade deficits, were here long before we elected Donald Trump” he said . Of course, Trump hasn’t done anything about it. In fact, the deficits are getting bigger, both trade and budget deficits. What has enabled this over the years has been the world’s willingness to hold US dollars as the primary reserve currency and to continue to loan money to Americans and to the US government so we can continue to live beyond our means. We can have enormous government programs that we don’t pay for and we can consume all kinds of goods that we don’t manufacture, and we can live in an economy based on consumption and debt without having to save or produce. The world has done that for us. And I think this is what’s going to come to an end. I think we’re going to see a collapse in the value of the dollar, and when the dollar does collapse, America’s power is going to dissipate. And Americans are going to have to deal with reality that we’ve hollowed out our infrastructure; we’ve been living beyond our means. And there’s going to be a day of reckoning for these years of excesses.” Peter said the collapse of the dollar is inevitable. We’re not going to stop with the profligacy until it collapses. As long as the world is willing to keep lending Americans money, we’ll keep spending it, particularly the government. So, the only thing that is going to cause a change is a crisis. And it’s going to be a dollar crisis. It’s going to be a sovereign debt crisis. It should have already happened. We’ve been able to kick the can down the road for many, many years. But the problem with all the can-kicking is the underlying problems have gotten so much worse. So, now it’s a much bigger problem that we’re going to have to deal with.” Peter said the rising price of gold reveals an unpleasant the truth – people are losing confidence in the dollar. You can’t see it in the foreign exchange markets. The dollar hasn’t really started to fall against other fiat currencies. But that’s because all fiat currencies are falling against the dollar, against gold. But the strength of gold is showing an underlying weakness in the dollar that the FOREX markets aren’t showing yet. But they will.” Peter closed out the segment saying the US stock market has much more to worry about than the trade war. There are other problems that are much more important that are being ignored. This is a big fat, ugly bubble. Donald Trump was right as a candidate, and the air is going to come out of this bubble regardless of what happens with the trade war.” Peter Schiff explained . Why do you think trump wants lower rates? As Schiff says it pushes up asset prices. Assets rise and the nepotistic trump family sells of their assets and avoid another bankruptcy. Well, if you have a president who is a failed businessman who bankrupted himself SIX times, one who only cares for himself, likes to brag and tells a lot of lies, what do you expect the end game to be ! And of course Trump will blame everyone else around him for his incompetence . Unfortunately, if interest rates are allowed to rise to levels that reflect a healthy economy, the interest payments on government debt will sink the government. There's no way out for America. The recession is here, or should I say depression. The United States will likely enter a recession no later than 2020. Absolutely no-one in their ivory banking towers can say the man on the street didn't tell them they were wrong all those years ago, but hey, Joe public are too dim to know what the economy . There's a good reason why, collectively, they are known as a wunch of bankers. They may have to sell the only asset they have left then, that'd be your Social Security number. Since all fiat eventually goes to zero the dollar will follow suit, it's inevitable. The fed will debase the dollar into worthlessness and hyperinflation will ensue, pretty simple. The ancient Romans did it and so will the U.S. Destroying the currency of a nation is an act of war. All wars are banker wars. No one can time circumstances that have a life of their own and that many moving parts. Anyone that can pass public school math can see we have a debt problem at 106% of our GDP, and the smart money is looking for an early exit from the US Dollar . Peter Schiff is a man ahead of his time. He foresaw the last major crisis, and after he is proven right again on a much bigger crisis that is coming, his name will become a household word. Anyone who makes as many predictions as he does from week to week is surely going to be wrong on some of the more minor details, but his general message is going to be born out, as it was in 2008. He has been a force for good, exposing scam artists, and he is a voice for Liberty. God bless Peter Schiff.





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