Peter Schiff Quotes

Since China embraced Deng Xiaoping's reforms on 22 December 1978, China has experimented with different exchange-rate regimes. Until 1994, the yuan was in an ever-depreciating phase against the U.S. dollar.

The Chinese are the greatest that ever came about, they are the greatest currency manipulators ever.

The Chinese economy's still not that much of a consumer economy.

The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure.

The dollar is currently the principal reserve currency in the world.

If a currency is to become a growing, an increasing reserve currency, there has to be not only a demand for it there has to be a supply of it.

Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.

What there is no dispute about is whether or not China is a currency manipulator. They are a currency manipulator. They actively intervene every single day to keep the value of their currency less than it would be against the dollar than if it floated freely. We think. Even China barely disputes that.

The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.

We believe in fair exchange rates and Japan doesn't practice that. They have massive U.S. dollar reserves, and they use them to intervene regularly.

The United States is a bankrupt nation. It owes the world 14 trillion dollars, and it is truly able to finance itself and the war and the supply of arms to Israel, through the money that is lent to the United States by rich countries, some of which are Muslim countries. And if you stop using the U.S. dollar... Even if you want to sell oil, you can continue to sell oil, but insist on being paid in euros, or yen, or whatever... If you do that, then the U.S. dollar will not be half the value that it has today, and if it doesn't have the value that it has today, it cannot spend money producing arms

Hegemony of the dollar.

China has become the export destination of preference for most of the world.

I believe and still believe that the Chinese government puts great weight on the experience of the Bank in terms of development.

Any country whose currency is used as a reserve enjoys tremendous benefits because those currencies gain a significant discount to financing costs.

The currency bill we have would finally do something for China's rapacious policies.

I think the one thing that's going on here is that people are saying, uh-oh, the Chinese economy might be slowing more than we thought and the government is having a hard time stimulating it again.

I would tell China that if you don't straighten out your manipulation of the currency - and I mean fast; I mean really fast - we are going to tax your products 25%.

Central banks are choosing to increase their gold holdings as a percentage of total reserves. They obviously think there is a reason to do that. It doesn't make sense to back up one currency with a hoard of other paper currencies. There needs to be a real anchor there. I think that central banks are well behind the curve. If you look at the percentage of above-ground gold controlled by central banks, it's historically low. Hence the fact that central banks are trying to increase their holdings. They've got a long way to go to get where they need to be.

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

China got the local currency, the yuan which is appreciating against the dollar which means that all these Chinese people have more purchasing power. And they're willing now to spend some money after saving, you know they provided America with savings for years. Now they're going to spend some money. So this means that they are willing to allow the dollar to weaken because it means that their currency, the yuan goes up, so they're actually in a winning situation.

One thing is certain. At some point global investors will lose confidence in our (U.S.) easy dollars and debt-financed prosperity, and then the chickens will come home to roost.

Therefore today we have an absolutely sufficient level of gold and foreign currency reserves in order to ensure economic stability and sustainable foreign trade turnover.

The prevailing view is that the easy way to stimulate economic growth is to have a low currency.

[Barack] Obama administration, the [George W.]Bush administration have done nothing. And as China has manipulated its currency, we've lost trillions of dollars of wealth and millions of good-paying jobs.