Expert: U.S. Will Be On Gold Standard Within 2 Years
By Terry Weiss, Money Morning
In a stunning interview on King World News, noted expert Peter Schiff said the Fed's failed stimulus plans have debased the dollar so much, the U.S. will have no choice but to go back to the gold standard in "a year or two."
Schiff, the CEO of Euro Pacific Capital, said reckless money printing has done nothing more than manipulate the economy into a "phony recovery" that's bound to end in crisis.
"We've got massive economic imbalances, structural mal-investments around the world because the dollar is the reserve currency. It's too weak. We print too many," Schiff said.
"We are headed for a currency crisis and the only way we're going to stop it is by putting real value back into the paper dollar. So we have to tie it to gold."
Schiff says the sooner we return to the gold standard, the better.
"The sooner we start to repair the problems, the easier it is. The longer we wait, the bigger the problems get."