With bad news hitting Main Street and Wall Street everyday, the markets are being nothing short of destroyed. We are seeing wealth destruction on an unprecedented scale. Trillions of dollar in wealth has been vaporized globally. Peter Schiff appears on CNBC’s Kudlow & Company to discuss the economy, and the US Dollar.
The fact that the dollar has risen from its historic lows 8 months ago, that’s why the crisis isn’t even worse. Imagine what would be happening in this country if the dollar wasn’t rising – if prices were rising, if interest rates were rising. All that would be happening if foreigners weren’t pouring their money into our bonds. I don’t think that’s permanent. I think that money is going to leave even more quickly than it came. That’s why I think the real crisis is in front of us when this thing turns into a currency crisis.
If and when the US Dollar turns around, the scale of wealth destruction we’ve seen thus far is just an appetizer.
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