Saturday, August 7, 2010

Peter Schiff Says Run from U.S. Dollar

The payroll report on Friday confirmed what many of us knew, that the outrageous monetary and fiscal stimulus has failed, and that sends a signal to all of us that we should flee the U.S. dollar, says Peter Schiff.

Rather then following in the footsteps of other countries, which have been removing stimulus, the U.S. is actually planning on increasing “quantitative easing,” which is just a fancy phrase for printing money to acquire government debt.

That will bring even more pressure on the dollar, and drive its value down even more. The U.S. Dollar Index has dropped eight weeks in a row, and will probably continue to do so in light of the misguided government policies.

If quantitative easing resumes, which at this point appears inevitable, some believe it will kill the dollar as we know it. One of those is St. Louis Federal Reserve President James Bullard.

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