"But when it comes to relative currency valuations, the United States dollar exists in a world of its own. As the international reserve, the dollar is the de facto beneficiary of any other country's intervention. When countries intervene, they do so specifically against the dollar. In addition, many countries, (China and Taiwan, for instance) maintain a pegged relationship to the Greenback. Therefore in a world dominated by interventionist banks, the factors that push the dollar have been inverted. The dollar falls when fundamentals either improve abroad or deteriorate at home (both cases increase the propensity for intervention). The rest of the world's currencies compete on their own merit. As a result, it is not an accident that over the last decade Australia, New Zealand, and Switzerland, three of the world's strongest economies, have produced strong currencies." - in The Daily Bell
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.