Peter Schiff, Chief Economist and Global Strategist at Euro Pacific Asset Management, discusses the threat to the US dollar’s status as the world’s reserve currency. He predicts that the current financial crisis, which he believes will be bigger than the 2008 crisis, will result in aggressive and reckless monetary and fiscal policy. Schiff thinks that the resulting inflation will ultimately deliver the death blow to the dollar’s reserve status. He also notes the increasing use of other currencies such as the yuan and ruble in energy transactions, which will further undermine the dollar’s position. Schiff recommends investing in gold and silver, as well as moving away from momentum and into value stocks, dividend-paying companies, and foreign and emerging markets.
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