Euro Pacific Capital president Peter Schiff says the only reason the dollar hasn't collapsed yet is that people think that Europe is in worse shape than the U.S.

"It doesn't mean that we're not going to have a day of reckoning," Schiff tells the Business Insider. "It just means when it comes, there's a lot more to reckon with."

“Things always happen to delay the inevitable,” says Schiff. “Since the dollar is still the perceived safe haven, we benefit from (Europe’s) problems. We end up with more rope to hang ourselves.”

Had the government not intervened in 2009, the U.S. would have a much worse downturn than it did, but one that would have been better for the economy in the long run.

“The world supported the (U.S.) government in its efforts, and all the money that was printed was absorbed abroad.”

When the government’s delaying tactic, which involves continuous borrowing and money printing, is no longer tenable, the dollar could collapse, interest rates and consumer prices could soar and the U.S. economy could implode, Schiff writes at Market Playground.

“That’s the real crash that I was warning about, and the one we all need to be worried about now.”

Big Pond News reports that the U.S. dollar has extended its gains against the euro and other major currencies as investors seek safety while Europe's leaders struggle to contain Greece's debt crisis.