Peter Schiff Quotes

I can tell you what happens to countries that go bankrupt. I've been to Argentina. I'm familiar with the history of Mexico and Great Britain. We'll see the same things here shortly: inflation, huge tax increases, capital flight and, eventually, capital controls.

Continued inflation inevitably leads to catastrophe.

I don't think we will ever go the way of Zimbabwe, but people are concerned.

Believe me, the next step is a currency crisis because there will be a rejection of the dollar, the rejection of the dollar is a big, big event, and then your personal liberties are going to be severely threatened.

If you print money like in Zimbabwe... the purchasing power of money goes down, and the standards of living go down, and eventually, you have a civil war.

In this age, if the currency of a major nation collapses, or its access to borrowing ends, it just can't function.

Following Greece's defeat at the hands of Turkey in 1897, Greece's fiscal house was entrusted to a Control Commission. During the 20th century, the drachma was one of the world's worst currencies. It recorded the world's sixth highest hyperinflation. In October 1944, Greece's monthly inflation rate hit 13,800%.

Long before we wake up from our dream of prosperity through an inflated currency, our gold … will have vanished and no rate of interest will tempt it to return.

In all Sovereignties in Europe where Paper-Money was introduced, great Inconveniencies happened; upon canceling this Paper Medium all those Inconveniencies did vanish

There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose

Like Samson in the temple of the Philistines, a collapsing U.S. economy would inflict enormous, unacceptable damage on the rest of the world.

The great fear of every patriot at this moment relates to our currency. The vast over issues of paper money have raised prices to such a pitch as to make the expenses of the Government enormous.... The poor suffer from this enormous inflation of currency. Beef is 1.25 per lb—Butter $4—Eggs 3—clothing is unobtainable ... coffee is $8—sugar 3, etc. so on. Shoes cannot be had under $50 to $60 the pr. for very common ones. God only knows where all this will stop.

A United States collapse would be much different than a Greece collapse. Greece can collapse, and there's a ripple. We collapse, and the world feels it.

Look at the Weimar Republic and their hyperinflation in the early '20s. It didn't happen overnight. I've used the analogy, it's a lot like soybeans: you plant 'em, you wait. Conditions take some time. You need some sun; you need some water, but ultimately things start to grow, and are we in that phase or not?

The Great Depression in the United States was caused - I won't say caused, was enormously intensified and made far worse than it would have been by bad monetary policy.

The Robert Mugabe school of economics provides a salutary warning about uncontrolled monetary expansion in generating hyper-inflation. The road to Harare is not as long as we might hope.

When paper money systems begin to crack at the seams, the run to gold could be explosive.

Despite Russia's move to raise interest rates this week, the value of the ruble has continued to crash. Russia's economy is so bad, Edward Snowden had to put government secrets on Craigslist.

With the loss of the American dollar as its own currency and its devaluation, I think that people will not even be able to afford bread and milk. They're facing a real crisis in America and I think the solution is Islam.

At the end of Friday, March 3, 1933, thirty-two states had closed all their banks ... Six other states had closed almost all their banks. In the other ten states and in the District of Columbia withdrawals were limited to 5 percent of deposits and in Texas to ten dollars per day. The U.S. financial system had reached the last extremity before it would collapse completely, taking the life's savings of tens of millions of people and what was left of the international economic system with it.

Remove then all the thoughts of debasing the Coin, and pluck up the Seeds of this Mischief. Let not the Mint gain by any means; for truly it is a most scandalous business to lessen other people’s metal that is sent thither to be coined.

The current crisis is not simply a market failure in which prices are not functioning properly, but a profound loss of faith in money’s capacity to tell the truth.

Cruz named Former Texas Senator Phil Gramm as his economic guru. This guy virtually crashed the U.S. economy. Gramm is largely responsible for two bills which led to the speculative bubble which popped in September 2008.

I come from a country in which I experienced economic collapse.

War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a mass of depreciated fiat paper, worthless Continentals, a huge public debt, and the beginnings of central banking in the Bank of North America.