Wednesday, July 22, 2015

Peter Schiff: Currencies Depend On Faith, Gold Doesn't

http://www.zerohedge.com/news/2015-07-22/peter-schiff-currencies-depend-faith-gold-doesnt

"My faith is that governments and central banks will continue to run up debt and debase currencies until a crisis brings the whole experiment to a disastrous conclusion. There is simply no historical precedent to reach any other conclusion. I also have faith that human beings will always prefer a piece of gold to a stack of paper. Separate a paper currency from its perceived value and you just have a stack of paper and ink. However, if they would just print it on softer and absorbent stock and put it on rolls, it might have some intrinsic value if we run out of toilet paper."

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