Peter Schiff: U.S. Dollar Is the Monetary Titanic

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October 5, 2011 11:25am NYSE:FXC NYSE:FXF

“Gold is real money, everything else is just a substitute,” says Peter Schiff, CEO of Euro Pacific Capital, who works backwards to form a currency trading strategy. Essentially, Schiff isn’t much in favor of any paper currency, he’s just handicapping the best

and worst of Central Banks in the world. He makes no bones about his view that the U.S. dollar is the worst faux monetary unit of all. Yes, even worse than the Euro.

“If anything we’ll be eulogizing the dollar before the euro,” Schiff says in response to my oft-stated view that the Eurozone currency will be disappearing in the next 12 months. Schiff doesn’t think so, suggesting that the Federal Reserve and the U.S’s legacy reputation as a harbor of safety are enabling America’s desire to forestall the “day of reckoning” in a way that Europe can’t.

It’s open to debate whether Europe can survive the process of dealing with reality and still live under the same economic umbrella. For Schiff the fate of the Eurozone is less important than the central point that the U.S. dollar is trash, the Euro is no better, and no country should peg their currency to either.

See the full “Breakout” interview below:

Related ETFs: SPDR Gold Shares (NYSE:GLD), PowerShares DB US Dollar Index Bullish (NYSE:UUP), PowerShares DB US Dollar Index Bearish (NYSE:UDN), CurrencyShares Canadian Dollar Trust (NYSE:FXC), CurrencyShares Swiss Franc Trust (NYSE:FXF), Global X Norway ETF (NYSE:NORW)

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