Euro Pacific Capital CEO Peter Schiff says if the Federal Reserve keeps printing money, greenbacks will become about as useful as toilet paper and prices will soar.

"If people think that gas prices are high now and that food prices are high now, just wait for another couple years," Schiff tells The Daily Ticker. "[Prices] are going to be up in the stratosphere."

The rising price of oil has “nothing to do with speculation, nothing to do with OPEC,” Schiff says. “It’s not because of economic growth in other countries … all of this inflation is because of the Federal Reserve monetizing government debt” by printing money and debasing the dollar.

Peter Schiff

“That’s why prices are rising and they’re going to rise faster in the future, because in many cases there’s a lag between the creation of inflation and inflation’s effect on prices.”

The dollar, Schiff notes, recently traded at record lows against the Swiss franc, the Australian dollar and the Japanese yen.

And, were it not for the massive intervention on the part of global central banks to prevent the dollar from collapsing against the yen, the dollar would have dropped even lower, he says.

“The government is considering not printing dollar bills anymore because the cost of printing money has gone up by 50 percent in the last three years,” Schiff says. “Why does it cost so much to print money? Because they’re printing so much money.”

Xinhua news reports that Yang Bin, an economist with the Chinese Academy of Social Sciences, has called on the international community to ask the United States to stop printing notes to save its toxic financial assets.

Yang said, "facts show that the United States does not delay in exporting inflation and political turmoil to the world as it faces domestic virtual economic bubbles."