Thursday, July 2, 2009

we should go back to Gold standard the days of the Dollar as reserve currency are over

Peter Schiff was interviewed today by Russia Today TV :
The question is why has not the dollar falling further , what's holding it up ? I think the dollar should already be a lot weaker than what it is today , the reason is the dollar is going to fall and should have already fallen , we are simply printing way too many dollars and we are not producing as much stuff , so we have a lot of money chasing a relative scarce supply of goods , the dollar gotta
go down , if you look at the future prospects of the dollar printing , if you look at trillions and trillions of dollars the government is obligating itself to spend and no revenue sources other than the printing press , the supply of the dollar is going to go to the roof in addition all the new regulations and new rules that the government is passing it is further encumber the ability of the American economy to produce real goods , so we are going to be less competitive as result of bigger government , bigger government is going to be a lot more expensive so the money printing is going to go out of the chart and the dollar is going to plunge .
we should go back to Gold standards the days of the Dollar as reserve currency are over but there is nothing at the moment to replace the dollar with

Dollar has no future as a reserve currency, believes economist Peter Schiff. He says having reserves backed by the dollar is worthless.

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