Sunday, July 5, 2009

“No future for dollar as reserve currency” Peter Schiff

The Dollar has no future as a reserve currency, says europacific founder and reknown economist Peter Schiff. He says having reserves backed by the dollar is worthless.

“Its [the dollar’s] days as a reserve currency are over. Before the dollar became a reserve currency, central banks held gold as reserves, including in the United States,” Schiff told RT last week , adding, “The reason that the dollar replaced gold was because the dollar was as good as gold, because it was backed by gold – and foreign central banks could get gold on demand at a fixed rate. It makes no sense having reserves backed by nothing.”

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