The Peter Schiff Show Podcast - Episode 250
All credits to Peter Schiff.
What do you think?
Read my other blog post to find my oppinion (which is bearish) on the US dollar from a technical perspective:
https://steemit.com/dollar/@sjovmaiin/the-coming-fall-of-the-us-dollar
Peter Schiff is ok. He talks a lot about debt bubble and collapse of fiat currencies, specially the dollar. What i do not like about him is that he talks shit about bitcoin and i believe that crytocurrency is the future.
Schiff likes to freak out a lot. I don't think the dxy will fall into the 70's again. Maybe more high 80's.
Schiff is a principle in Goldmoney and is hardly one to be objective about competition from cryptos. The cryptos are a threat to interests like Goldmoney too, because they can always lie about how much gold is actually in the vault. This kind of lying is the entire basis of the original banking system. A goldsmith lending space in his vault, then paying all his bills with gold receipts for gold that is not there. Goldmoney, which I have nothing against and a few hundred grams in (full disclosure), has a value based on what is in a vault, that we can't see. Crypto, which I have a few coins in as well, delivers the value immediately. How can you ever really trust a company like Goldmoney, they can make 100 times as much money by fibbing as by being honest. I trust them more than I trust banks, for now.
Dxy is down because the fed wants to raise rates 2 more times as well as unload its balance sheets. This will cause the dollar to increase, so rather than increase from high to higher, the fed wants to raise from lower to higher. IMHO that's why we're seeing dxy falling. Also "trump" (aka mnuchin) wants a weaker dollar. This is theoretically good for equities since a weaker dollar makes our products cheaper. So bullish stocks.
He did defend the decision that a lower Dollar is needed to improve trade and the likes. He denied that it had anything to do with a weaker economy.