Thursday, May 15, 2014

US Dollar tanking against Pound

While the darkening skies may not be visible to Americans, the foreign exchange markets have taken notice. 

[Recently] the U.S. dollar hit a five-year low against the British pound, a nearly three-year low against the Swiss franc (notwithstanding three days in March that traded slightly lower). 

The weakness in the dollar portends a weaker U.S. economy and a strong likelihood for more Quantitative Easing from the Federal Reserve. It also confirms that Europe's strategy of limited "austerity" did not deliver the catastrophe that many on the left, including Paul Krugman, had predicted.

Peter Schiff is a smart investor and author of several best selling books. He correctly predicted the economic meltdown of 2008 - 2009

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