Economist Peter Schiff has actually alerted that a death blow is coming for the U.S. dollar and the USD will lose its international reserve currency status in this monetary 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 worried.
Peter Schiff on U.S. Dollar’s ‘Death Blow’
Economist and gold bug Peter Schiff discussed that a death blow is coming for the U.S. dollar as a worldwide reserve currency in a current interview with Commodity Culture, which he shared today.
Regarding whether de-dollarization is taking place and whether it’s a genuine hazard to the U.S. dollar’s international reserve currency status, Schiff stated: “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 believe the existing monetary crisis which simply began is going to eventually provide the death blow to that status.
The economist included: “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 warned:
It’s most likely going to lead to a lot more aggressive and careless financial and financial 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 suggested.
Responding to a concern about whether the U.S. dollar is at danger of run-away inflation, Schiff detailed: “There’s constantly a threat. For every nation that releases fiat currency, inflation is constantly a threat. The concern is how high is the likelihood.” The economist continued:
I believe the danger is a lot greater now than it’s ever been, and in order to prevent that result, it’s going to needed some extremely challenging political choices and options that require to be made to avoid that result.
Schiff has actually regularly alerted about an inbound monetary crisis. Earlier this month, he encouraged individuals to gid rid of their U.S. dollars now. Last month, he alerted of the most significant financial catastrophe in U.S. history.
What do you consider Peter Schiff’s caution? Let us understand in the comments area below.
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