Peter Schiff has long held a dim view of the U.S. economy, and a cynical take on the bull market in equities. But even though he thinks stocks are a bad bet, Schiff would still never get short, because he thinks U.S. dollars are an even worse bet.
"Although I don't think there's a lot more upside in the stock market, I'm not looking for a collapse. But what I am looking for is a dollar collapse, so that even if the market continues to move higher, it's nominal highs only. It's not real highs adjusted for a loss of purchasing power in the dollar," Schiff said on Thursday's episode of "Futures Now."
The CEO of Euro Pacific Capital says that Fed stimulus will end up destroying the value of the dollar.
"As the Fed has to print more and more money to keep these asset bubbles inflated, it will diminish the value of the dollar," Schiff said.
So even though the Fed reduced QE once again on Wednesday, and Fed Chair Janet Yellen said that the fed funds rate could be increased sooner than many expect, Schiff doesn't believe the Fed will back away from stimulus.