Peter Schiff

Yeah.

I mean, it wasn't even a store of value, but as a reserve asset.

Right.

And so that was a political impetus.

But the real reason for getting out of the dollar is that we're going to destroy its value.

We have these runaway deficit spending that is the source of all the inflation that we have.

It's the Fed monetizing the debt that the government is creating.

A lot of people don't know what inflation is.

They just think it's prices going up because that's what the governments tell them or some economists tell them.

But prices going up are a consequence of inflation.

They're not inflation.

Inflation is an expansion of the supply of money and credit.

And when you expand money, you expand credit, right?

That bids up prices.

And so as a result of inflation, prices go up.

The root of the word inflate means to expand.

Prices don't expand.

They go up, they go down.

And if you get an old dictionary, get an old Webster's dictionary, even as late as the 80s, and you look up inflation, that's exactly what it says, an expansion of the money supply.

But the government kind of redefined inflation because if you define it properly, well, it's pretty obvious who causes it.