Peter explains to some British CNBC hosts the reality of a dollar crisis.
“[The U.S.] economy is inherently more unstable. We depend on the charity of the rest of the world…the world has to keep lending us money despite the fact there is no way we can pay it back with legitimate money. We either have to default or we have to inflate. The real fiscal cliff is going to come when we run out of credit and we do face that crisis…Inflation is the number one concern of the average American…Inflation is already much higher than any reasonable central bank would tolerate…Buy gold, buy silver, buy something a central banker can’t create out of thin air!”
When Infinite Inflation Isn’t Enough
From the November edition of Peter Schiff’s Gold Letter:
If no one seems to care that the Titanic is filling with water, why not drill another hole in it? That seems to be the M.O. of the Bernanke Federal Reserve. After the announcement of QE3 (also dubbed “QE Infinity”) created yet another round of media chatter about a recovery, the Fed’s Open Market Committee has decided to push infinity a little bit further. The latest move involves the continuing purchase of long-term Treasuries when Operation Twist expires, thereby more than doubling QE3 to a monthly influx of $85 billion in phony money starting in December. I call it “QE3 Plus” – now with more inflation!
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