The idea of gold standard continues to become more mainstream, as people realize the current monetary regime is out of control. Judy Shelton writes in The Weekly Standard:
Should the soundness of the dollar be subordinated to other policy objectives, as determined by a small committee of Federal Reserve officials meeting in Washington, D.C., eight times a year? Would private individuals make better economic and financial decisions if they knew the value of the dollar was not slated to deteriorate annually by some unknown percentage?”
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Peter Schiff appeared on Fox Business “Morning Bell” yesterday and discussed that when the stock bubble bursts, the Fed will likely try to save the bubble instead of the dollar.
The bottom is either going to drop out of the market or the dollar – and I’m betting actually that it’s the latter. But the problem is if the Federal Reserve is prepared to sacrifice the dollar in order to save the market, real returns on US assets are going to suffer dramatically as a result.”
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Fox Business spoke with Peter Schiff on “Money with Melissa Francis,” where Peter points out that it’s not the geopolitical events that investors should be worried about, but the failed monetary policy in the US.
What I think American really have to worry about, at least from the perspective of an investor, is not what the Russian separatists are doing in the Ukraine , but what Janet Yellen and her cohorts are doing at the Federal Reserve, because far more damage is being inflicted now on the US economy and will be inflected on investors by the Federal Reserve.” – Peter Schiff
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Major news hit this week that the BRICS have launched their own development bank to challenge the currently Western-dominated banking system. Read about it here. Who could better explain the rationale behind this new bank than the author of the book Currency Wars, Jim Rickards? Rickards appeared on CNBC this week to share his thoughts. His message? The world is ready to leave the dollar behind and kick the irresponsible United States out of the economic driver’s seat.
Every single member of the BRICS, multiple times has voiced dissatisfaction with the dollar, the dollar hegemony, the dollar-based system, and the IMF, which is really dominated by the US. So it’s not that there’s a revolution that happens overnight, but it’s more of an evolution away from the dollar.”
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In this long segment on CNBC’s Futures Now, Peter Schiff, Marc Faber, and Dennis Gartman discuss the massive bubbles forming in almost every asset class. Faber called for a potential bear market correction of 30% in US stocks. All three agreed that gold is the best option for retail investors to protect themselves from the Federal Reserve’s inflationary monetary policy.
The only place there’s not a bubble is in gold, and that’s the only place that most people on Wall Street think they see one. They’re oblivious to the actual bubbles, but they’re overlooking the value in gold…”
Marc Faber, Schiff, and Gartman talk markets from CNBC.
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Russia Today spoke with Peter Schiff about the United States’ international spy activity and what effect it will have on the strength of the US dollar.
[Europe is not economically dependent on the US.] I think it is the other way around – the US is very dependent on the rest of the world. It is just incumbent on the rest of the world to figure that out. But the US dollar is still functioning as a reserve currency, so the dollar is a part of larger transactions but there is no reason for the dollar to be at the center of these transactions because the dollar shouldn’t be a reserve currency. Maybe at one time when we were the world’s largest exporter, as far as biggest trade surpluses, we had high savings rates, and the dollar was backed by gold. [At] one time maybe the dollar deserved to be a reserve currency, but certainly those conditions have changed dramatically.”
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On his radio show this morning, Peter Schiff interviewed Bill Murphy of the Gold Anti-Trust Action Committee. Peter and Bill discussed the possible price suppression of gold and the bullish fundamentals of the yellow metal.
What’s even more amazing is that the price of gold is not reacting, not only to the inflation that has already taken place, but all the inflation that we know is baked into the cake. Because we have all these governments with massive amounts of debt, [and] no prayer of ever repaying it. So there’s massive debt monetization and inflation on the horizon. That should be factored into the price of gold right now.”
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Newsmax TV interviewed Peter Schiff to get his opinion on the underperformance of various US companies. Peter explained that it isn’t weak emerging markets that investors have to be worried about. It’s the coming dollar collapse that will destroy the purchasing power of the majority of Americans. How can you avoid this crisis? Hard assets, like gold and silver.
The real problem for Coke and other companies is going to be the US economy. We’re going to be the submerging market, because when the dollar tanks – and I think it’s very close to happening – when the dollar goes down, Americans aren’t going to be able to buy anything… That’s where companies really have to be worried. It’s about the US market.”
Fox Business grilled Peter Schiff on the small dip in the gold price this week. Peter defended gold’s prospects and explained why the yellow metal can’t go anywhere but up with Janet Yellen guiding the Federal Reserve.
You don’t have to try explain a $5 decline in the price of gold after nine consecutive up days… It’s barely down. Market’s don’t go up every single day. So there doesn’t have to be an explanation… As long as the Fed keeps doing the wrong thing… I’m going to keep on buying gold.”
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In an interview with Greg Hunter of USAWatchdog, Peter Schiff explains why deflation will be a boon to investors who prepare for a dollar collapse by purchasing gold. They also talk about the sky-high debt limit, Obamacare, Middle East politics, and where gold will end up in 2014.
You’re going to have deflation from the perspective of gold. If you own gold, the price of everything is going to go down for you. The price of stocks will go down, the price of real estate will go down, and that’s a good thing! When you have money, deflation is good, because now all the things that you want to buy are cheaper. But if you have dollars, then all you’re going to see is inflation.”
[youtube http://www.youtube.com/watch?v=RXgdozKr33M]
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