Photo: Daniel Goodman / Business Insider
EDITOR’S NOTE: Earlier, we reported that Mr. Schiff said “America will be on a gold standard within 2 years.” He actually believes that a currency crisis could potentially begin in around two years, which could lay the foundation for an eventual gold standard..
———————————-Euro Pacific Capital’s Peter Schiff is one of the most vocal critics of the Federal Reserve and its efforts to stimulate the economy with easy monetary policy.
In a new interview with King World News, Schiff argues that these efforts are fueling a phony recovery and that eventually this will end in a currency crisis.
And he believes we could go down this path no matter who becomes the next president.
From King World News:
…But eventually we will be back on a gold standard, not because politicians want it, but because the public demands it and the situation requires it.
We are headed for a currency crisis, and the only way we’re going to stop it is by putting real value back into the paper dollar. So we have to tie it to gold. In fact, if you are listening to the Republican Convention and realising that, despite the talk, they are committed not to cut anything of substance.
They want to keep growing the government, growing the deficits. That eventually means we will have a currency crisis, and a sovereign debt crisis, which will lay the foundation for a return to the gold standard.”
The sooner we do it the better because the sooner we start to repair the problems the easier it is. The longer we wait, the bigger the problems get. But I think it’s happening soon (a return to the gold standard), in a year or two.
Schiff’s interview includes more discussion of the Fed’s next move and the Republican National Convention.
Read more at KingWorldNews.com.