The Dollar Collapse Is Coming

Peter Schiff, CEO of Euro Pacific Capital and bestselling author of “Crash Proof,” believes the impending collapse of the United States dollar should be getting the attention of investors and news outlets and not the devaluation of the Chinese yuan.

Speaking in an interview with Newsmax TV on Tuesday, Schiff explained that the U.S. economy has an abundance of problems but China’s monetary policy (SEE: Donald Trump on China’s Devaluation: ‘They’re just destroying us’) isn’t one of them.

The contrarian investor stated that China’s economy isn’t experiencing a freefall and the current devaluation is minuscule. He noted that the yuan’s value has substantially increased over the past several years compared to the U.S. dollar.

“But people believe in the myth of this US economy, they believe that this bubble is genuine, they made the same mistake in the late 1990s, they made the same mistake right before the financial crisis of 2008. They’re making a mistake again,” said Schiff.

“We’re on the verge of a much worse financial crisis than the one we went through in 2008 and it’s going to take the form of a currency crisis. You’re talking about currency wars. American is going to win the currency war, which is a race to the bottom, and you don’t want to win a currency war because a currency war is different from most wars in that the object is to kill yourself and unfortunately, we’re going to succeed.”

At the time of this writing, the Dow Jones has fallen more than 200 points, while the Shanghai Composite Index has hiccuped just 40 points.

Reprinted with permission from Economic Collapse News.