The biggest story of the day that very few people in the financial world seem to be discussing, noticing or even caring about is the weakness in the U.S. Dollar. Nobody has been forecasting a weak dollar other than me. None of the people who routinely show off on the financial networks have been bearish on the dollar, in fact they have been universally bullish.
Why are so many people bullish on the dollar?
Because they believe the U.S. economy is strengthening and they believe that the Federal Reserve will be tightening and they believe therefore that these are bullish for the dollar. They also believe that the U.S. economy is in better shape than the rest of the world because we stimulated it and they did not, or they did not stimulate enough or they practiced austerity and so we are getting the benefits of all the things the Federal Reserve did and other countries have not done that yet, they are going to do that, they will learn from us. So they are going to print more money and so we are going to have a tighter monetary policy.
All this as I have been saying for years is a complete nonsense. And today the dollar is at a new 5 year low against the pound sterling.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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