Peter Schiff: The US Must have a Gold Standard Now
Euro Pacific Capital’s Peter Schiff is adored by Gold Bugs (NYSE:GLD). In this interview he discusses his opinions about whether the US will return to the gold standard. Your Cheat Sheet to his comments are below.
(Could the move happen in the next five years) “Absolutely, it could happen sooner than that. But I think the only reason it would happen is because we have a dollar crisis.”
“The only way to have a sound economy is to discipline the government a set a limit for deficit spending, and the way to do that is with a gold standard.”
(How could we do this without devaluing the dollar) “We won’t have to do anything, the dollar is already being devalued. The important thing is that we stop the presses, and that money has intrinsic value so you can save it, and we preserve purchasing power.”
“We’re going to have to set some type of limit to where government should exchange dollars for gold…I don’t know where its going to be.”
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