Peter Schiff: Government Tries to Replace the Economy with Printing Press
According to him, an unprecedented economic collapse brought by the government's response to the coronavirus pandemic allowed the Federal Reserve to create money of out thin air - a sufficient substitute for a sound economy. Meanwhile, few in power show the slightest concern regarding the issuance of nearly USD 4 trillion in new debt so far, but the recent declines in the dollar indicate that it is not immune to the monetary and fiscal insanity and these trends are going to make a further impact on investment performance.
When asked whether he sees cryptocurrencies as a viable alternative to the looming crisis, he doubled-down on his position once again, saying that "cryptos are just a speculative asset that have been pumped up and are benefiting from the idea that the dollar is going to go down and gold's going up. I've said it many times - it's a fool's gold and it is an accident waiting to happen."