"Gold is real money, everything else is just a substitute," says Peter Schiff, CEO of Euro Pacific Capital, who works backwards to form a currency trading strategy. Essentially, Schiff isn't much in favor of any paper currency, he's just handicapping the best and worst of Central Banks in the world. He makes no bones about his view that the U.S. dollar is the worst faux monetary unit of all. Yes, even worse than the Euro.

"If anything we'll be eulogizing the dollar before the euro," Schiff says in response to my oft-stated view that the Eurozone currency will be disappearing in the next 12 months. Schiff doesn't think so, suggesting that the Federal Reserve and the U.S's legacy reputation as a harbor of safety are enabling America's desire to forestall the "day of reckoning" in a way that Europe can't.

It's open to debate whether Europe can survive the process of dealing with reality and still live under the same economic umbrella. For Schiff the fate of the Eurozone is less important than the central point that the U.S. dollar is trash, the Euro is no better, and no country should peg their currency to either.

"The I think the dollar has been the Titanic and it's been a big mistake for China or other countries to peg to the dollar," Schiff says. "It's potentially as big a mistake for Switzerland to peg to the Euro."

Of course Schiff is putting his money where his mouth is. In a new currency report, joining up with pro strategist Axel Merk, Schiff names five currencies he prefers over the US dollar and the Euro. The alternatives are the Aussie dollar, the Canadian Loonie, the Swiss Franc, the Norwegian Kroner, and the Singapore dollar.

The recent flight to perceived safety is the trading window for those who share Schiff's view. "People who are buying the dollar today are going to be selling the dollar tomorrow," he says. "One of these days, when people are trying to sell the dollar, there will be nobody to buy it from them and it'll fall through the floor."