Saturday, December 15, 2012

Peter Schiff: The decline that’s coming from the dollar is going to be much bigger than what we saw in the 1970s

Peter Schiff appeared on Fox Business, discussing the future of the bond market and the dollar in relation to the value of gold. He compared the current situation to the 1970s inflation, but stressed that today we are facing much worse consequences.

"In 1971, when we went off the gold standard, in the next seven or eight years, the dollar lost two thirds of its value. That’s why oil prices went from three dollars to thirty dollars. That’s why we had all the inflation in the 1970s. I think the decline that’s coming from the dollar is going to be much bigger than what we saw in the 1970s. The fundamentals are much worse. Meanwhile, over the last five years, ten years, the dollar has been going down," said Schiff.

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