Peter Schiff on Trump's Economy, China, Bitcoin, KodakCoin, & the Fed

Peter Schiff talks about several topics in this video. Here's summary and my option on them.

• China says it may top buy US treasuries.

Peter thinks this is a good thing because the Chinese prop up our large government and welfare system when they buy our debt and bringing this to an end would force the US government to shrink. It will also increase lending rates for government and corporate bonds which I think is a way for the Chinese to sabotage Trump's plan to rebuild the economy.

• The Fed raising interest rates.

Peter thinks the Fed will not raise rates and instead start another round of quantitative easing (QE4) in order to halt rising interest rates. I think Peter might be right on this. I don't think the Fed will raise rates because that will hurt spending in this country and Trump wants to spend a lot of money on infrastructure and he won't be able to do that if the cost of borrowing money is high.

• The weakening dollar.

The dollar has had some of the worse declines in many years and Peter thinks it's going to continue to go down as interest rates start to rise. Peter thinks we'll have $80 to $100 barrel of oil this summer along with rising food prices. I think cryptos are going to put a lot of pressure on all government fiat currencies this year and it's probably not just he dollar that is going to be weaken but all government fiat.

Price of Gold is at $1,340 and is very close to breaking out to multi year highs. Any crypto profits I take off the table are not going into dollars but rather they are going into precious metals because inflation and a weakening dollar are going to push Gold much higher.

• Bitcoin

And like usually Peter thinks Bitcoin is going down. He's wrong on this. Bitcoin is replacing government money and will continue to go higher in these economically uncertain times.