Peter Schiff: America is On a Race to the Bottom

With Tuesday's stunning announcement that the People's Bank of China would devalue the Chinese yuan about 2 percent against the U.S. dollar, China became the latest nation to join the global currency war. But according to outspoken market pundit Peter Schiff, China's too late, because the U.S. already has the inside track in the battle to debase its currency.

"America is going to win the currency war," Schiff said Tuesday on CNBC's "Futures Now." "I think we're going to win, but right now you have a dollar bubble."

The dollar bubble claims fly in the face of how the U.S. common currency has performed this year. The dollar index is up more than 7 percent year to date.

But according to the Euro Pacific Capital CEO, the Federal Reserve will hold off on raising rates as long as possible, and over time, that will cause the dollar to collapse...

- Source CNBC