Sell U.S. stocks, sell U.S. bonds, sell the dollar and protect your wealth by going abroad, said Peter Schiff, president of Euro Pacific Capital.
“When [the U.S.] decouples, the world will thrive,” Schiff told CNBC. “The world doesn’t need our consumption, we need their production. The global economy is fine without propping up the U.S. economy. We are in serious, serious trouble.”
Schiff said it’s not only a possibility, but “it’s inevitable” that Brazil and China are eventually going to dump the dollar as the international currency of choice. (Watch interview for more of Schiff's reasons why the U.S. dollar is in trouble.)
“As far as I’m concerned, the U.S. has already lost its AAA rated status,” said Schiff.
He said emerging markets continue to be strong and had great gains since they bottomed in October 2008.
“Americans are going to lose their wealth if they go down with this ship,” he said. “I’m trying to help by getting their stocks abroad, out of the dollar and protecting them from Ben Bernanke, Obama and the congress.”
No immediate information was available for Schiff or his firm.
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