Andy Schectman, CEO of Miles Franklin Precious Metal Investments, explained in a recent interview that the five largest emerging economies of Brazil, Russia, India, China and South Africa (collectively known as the BRICS countries) are “dollar against the dollar,” he explained. Schectman believes that after 2022, de-dollarization “seems to be spinning faster and faster.”
De-dollarization and CBDC; Monetary Historian Suggests Great Reset Coming
In ainterviewpublished on February 16, 2023, Miles Franklin executive Andy Schectman discussed his economic predictions with Kitco News lead anchor and editor-in-chief Michelle Makori. Schectman expects most of the world to abandon the U.S. dollar and also predicts a “tsunami of inflation.” As inflation rises, Schectman suggests that interest rates set by the U.S. Federal Reserve will continue to rise and that a “collapse” in asset prices will soon occur.
Schectman’s views are similar to those expressed by Lynette Zang, chief market analyst at ITM Trading, in a recent interview with Kitco’s Makori. Like Zang, Schectman predicts an economic collapse, suggesting that it is time for a central bank digital currency (CBDC) to be introduced and a Great Reset to take place. Schectman said that the U.S. dollar will be weaponized in 2022, and that the resulting de-dollarization “appears to be spinning much, much faster.” A Miles Franklin executive and currency historian believes that the BRICS countries are “coalescing against the dollar.”
“What is needed,” Schectman said, “is for Saudi Arabia, ‘on the platform,’ to declare that it would consider using other currencies for oil. Then suddenly all the countries that have held the dollar for the past 50 years would no longer be interested in holding it. If those countries start dumping dollars, and I think it will happen soon, there will be a tsunami of inflation on the shores of Europe and America.” Schectman told Makori that if asset prices collapse, CBDC will be deployed. Schectman argued:
That is when they will come in and deploy the new CBDC. This will provide cover for them to roll it in.
Recently, Saudi Arabia has expressed interest in joining the BRICS countries, with the country’s Finance Minister Mohammed Al-Jadaan saying at a recent World Economic Forum event that Saudi Arabia is open to trading in currencies other than the US dollar. Last June, Russian President Vladimir Putin announced the creation of a new international reserve currency at the 14th BRICS summit. In this context, tensions between Russia, China, and the United States continue to rise.
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