Peter Schiff

Everybody keeps saying it's not a problem because it's for the long term.

Well, it is a problem.

It's been a problem and now it's a much bigger problem, but the central banks understand this.

They see that our interest on our debt is 1.2, 1.3 trillion a year.

It's growing exponentially.

The budget deficits are 2, 3 trillion a year.

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.