“Most paper money initially existed as a substitute for gold. That’s what gave it value. But right now what gives a currency value is other currency.”
“Most countries hold reserves and the reserves are other currencies. If you are a backing up the euro with the dollar, what’s backing up the dollar?”
“I don’t think it is going to go to a point where all you have is coins and bars of gold, but I do think that we are going to have to go back to a monetary system based in gold, not based on paper.”
- Peter Schiff in Business Insider
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse and his new release The Real Crash.
Source: We Are Going To Have To Go Back To A Monetary System Based In Gold
RT @peterschiffblog: Peter Schiff – Why Does Paper Money Exist? http://t.co/fDwubvTJ
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Peter Schiff – Why Does Paper Money Exist? | The Peter Schiff Blog http://t.co/BSI8cwFS
RT @jfktruther: Peter Schiff: Why Does Paper Money Exist? http://t.co/C1rjh17w END THE #FED #federal #reserve #fiat #currency is WORTHLESS #GOLD #SILVER
RT @jfktruther: Peter Schiff: Why Does Paper Money Exist? http://t.co/C1rjh17w END THE #FED #federal #reserve #fiat #currency is WORTHLESS #GOLD #SILVER
Peter Schiff – Why Does Paper Money Exist?: http://t.co/fDwubvTJ
Peter Schiff – Why Does Paper Money Exist? | The Peter Schiff Blog http://t.co/Wy6aQNE4 via @peterschiffblog
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Peter Schiff – Why Does Paper Money Exist? http://t.co/f3H94l5D @GoldWarsReport #economics #fiatcurrency
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Peter Schiff – Why Does Paper Money Exist? http://t.co/f3H94l5D @GoldWarsReport #economics #fiatcurrency