Economist Peter Schiff has warned that a death blow is coming for the U.S. dollar and the USD will lose its global reserve currency status in this financial crisis. “People are still reluctant to call it a financial crisis, but that’s exactly what it is, except it’s bigger in scale and it’s going to be far more impactful than the 2008 crisis,” Schiff stressed.
Peter Schiff on U.S. Dollar’s ‘Death Blow’
Economist and gold bug Peter Schiff explained that a death blow is coming for the U.S. dollar as a global reserve currency in a recent interview with Commodity Culture, which he shared this week.
Regarding whether de-dollarization is happening and whether it’s a real threat to the U.S. dollar’s global reserve currency status, Schiff said: “The only thing that’s surprising about the dollar’s reserve status is that it still has it. Despite everything that we’ve done, we still haven’t lost that privilege.” He elaborated:
I think the current financial crisis which just started is going to ultimately deliver the death blow to that status.
The economist added: “People are still reluctant to call it a financial crisis, but that’s exactly what it is, except it’s bigger in scale and it’s going to be far more impactful than the 2008 crisis.” He cautioned:
It’s probably going to result in even more aggressive and reckless monetary and fiscal policy. And this time, it’s going to take the dollar’s reserve status down with it.
“That’s going to really complicate things here in the U.S. because it’s going to send inflation much, much higher and American standards of living much lower,” he opined.
Economist Peter Schiff has urged people to get rid of their U.S. dollars now as a growing number of countries have escalated their efforts to reduce their dependence on the U.S. and the USD. “The dollar’s reserve currency status is in jeopardy, as is the American standard of living that depends on it. The best move you can make to mitigate your personal loss is to divest of dollars and dollar-denominated financial assets,” he stressed.
Get Rid of U.S. Dollars Now, Says Peter Schiff
Gold bug and economist Peter Schiff has urged U.S. dollar holders to get rid of their USD now. He tweeted Friday:
How much clearer does the writing on the wall need to be? Get rid of your U.S. dollars now, while there’s still enough people who still can’t read it.
His tweet was prompted by an article titled, “Saudi Arabia, Southeast Asian Nations Swipe Left on US Dollar Dependence,” which highlights the mounting efforts by countries in Southeast Asia and the Middle East, particularly Saudi Arabia and ASEAN nations, to reduce their reliance on the U.S. and the dollar. The Turkish central bank also recently unveiled measures to ramp up their de-dollarization efforts.
Schiff tweeted on Thursday:
The dollar’s reserve currency status is in jeopardy, as is the American standard of living that depends on it. The best move you can make to mitigate your personal loss is to divest of dollars and dollar-denominated financial assets.
Kids say the darnedest things: A Chinese school is under investigation after video interview of a young student saying “the reason I am studying is for emigration to UK because I don’t want to live in China”, inadvertently proving his foresight pic.twitter.com/nu3RSVHxGn
The difference is, Comrade FiftyP, the UK doesn’t really care if one of its citizens is badmouthing his country on social media. pic.twitter.com/bG8sPdXEYM
A common fallacy committed by antivaxxers is the post-hoc fallacy where they assume that that just because an event occurred after another event, the first event must have caused the second event. Cindy and I explain the faults in their reasoning.https://t.co/O6SJ5pAMZ0
— Dr Susan Oliver (PhD) (@DrSusanOliver1) April 23, 2023
Kulai district police chief Tok Beng Yeow says the group of men, aged 17 to 42, had been hiding at the oil palm plantation at Kilometre 7, Jalan Kulai-Kota Tinggi, since 3am on Saturday. https://t.co/ckMtl91Rij
