Peter Schiff

And that's when we're not in recession.

So the next official recession, we'll probably have a $4 trillion deficit that year, maybe more.

The Fed has already stopped shrinking the balance sheet.

I think it's very close to going back to quantitative easing.

They're already cutting rates when rates are too low, and they should be raising rates.

They're cutting rates.

So we're pursuing a very inflationary monetary policy because we have so much debt.

They're trying to bring down mortgage rates.

They're trying to bring down long-term bond rates.

They need to create inflation to do that.

So they debase the value of the dollar and foreign central banks can see this and they're getting rid of their dollars.

And what are they replacing their dollars with?

They're replacing it with gold.

I mean, that is the most viable substitute for the dollar.

It's gold.

And, you know, a lot of people who have taken the dollar's role as a reserve currency for granted, you know, they've done that because they didn't see a viable replacement.

They said, well, you know, the euro is not going to be the reserve currency or the yen or the RMB, but they overlook gold.

Gold, it's not in that hamper.

They keep saying the dollar is the cleanest dirty shirt in the hamper.

Well, maybe so.