Friday, January 28, 2011

China could unleash inflationary nightmare in U.S., warns Schiff

According to Peter Schiff, President of Euro Pacific Capital, “the only way China can stop its inflation problem is to stop importing it from us [the U.S.], which means … they have to let their currency rise”. If that happens, “the U.S. had better brace itself,” says Schiff

“It will unleash an inflationary nightmare here in the United States. As the Chinese currency increases in strength, the dollar must decrease. And, so Americans [would] experience higher prices, falling purchasing power and a lower standard of living.”

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