Peter Schiff

And we created a lot more confidence in our economy.

We kind of stopped the dollar's decline at that point.

But now I think we're on the verge of a much bigger crisis.

Because I think that this time around, it's not going to be the U.S.

going off the gold standard.

It's going to be the world going off the dollar standard.

And you really have to understand the degree to which the US has used the dollar and its reserve status as a crutch.

And our entire way of life as Americans has been supported by the idea that we could just create dollars out of thin air

and then use those dollars to buy what the rest of the world produces.

We have these huge trade deficits now.

In fact, Donald Trump used to talk about the trade deficits a lot as being the problem.

They're a consequence of the problem.

They're not the problem per se.

But what enables these huge trade deficits, we have over a trillion dollar a year trade deficit, is the world is willing to accept the money that we print for the goods that they produce.

And when you produce goods, you need a lot of resources.

You need land, labor, capital.

You need factories.

You need supply chains.

You need raw materials.

You need workers.