Peter Schiff opines on the economy, global trade, the currency war, jobs, inflation, precious metals, offshoring and more. Schiff, who called the real estate bubble, debt crisis and the rise of precious metals well before they happened, was at one time laughed off of television for his dire predictions. More people are now taking him seriously, because he might just be on to something:
Most wars – the object is to kill the enemy. In the currency war, the object is to kill your own troops.
Because, in a currency war it’s a nation’s own citizens that suffer because they’re the ones being made poorer.
Unfortunately, America is going to win the currency war, so our citizens have the most to lose because we’re going to be the greatest casualties in the currency war. It’s going to be American retirees, people living on fixed incomes – because unforetunately that’s how you win the currency war.
Whichever country succeeds in making its citizens the poorest is the winner.
This is very similar to what Federal Reserve Chairman Ben Bernanke discussed at a recent conference when he said:
“…history makes clear that countries that continually spend beyond their means suffer slower growth in incomes and living standards and are prone to greater economic and financial instability.”
We have not only analysts and economist like Peter Schiff and Marc Faber saying it – the head of our monetary system has alluded to the same thing. Folks, this is serious. When we talk about losing the currency war, we’re not talking about a 3% to 7% decline in purchasing power per year, as has been the traditional loss of purchasing power for the dollar over the last hundred years.
We’re talking about losing 3% to 7% PER MONTH. It’s actually happening right now! The Federal Reserve is pumping massive amounts of “liquidity” into the system either directly (through offshore bank accounts) or indirectly (through lending to so-called banks, which are actually large investment firms), and this money is making it’s way into commodities like oil, rice, wheat, etc. Just in the last thirty days we’ve seen a 7% devaluation in the US dollar vs. these critical assets. And the Fed doesn’t plan on letting up soon. At 7%, you’re looking at losing more than half your purchasing power per year.
If you are saving money, the intention of the Federal Reserve and powers-that-be is to wipe you out. Recommendation: Put your money into a hard asset or two.
Watch Peter Schiff:
Hat tip: Chef contributed to the content of this article.