Economist Peter Schiff urges people to get rid of the U.S. dollar now as more and more countries escalate their efforts to reduce their dependence on the U.S. and the dollar. He says, “The dollar’s status as a reserve currency is in jeopardy, and so is the U.S. standard of living on which it depends. The best move we can make to mitigate our personal losses is to sell dollars and dollar-denominated financial assets,” he stressed.
“Dump the U.S. Dollar Now,” by Peter Schiff
Gold bug and economist Peter Schiff is urging US dollar holders to get rid of their US dollars now. He tweeted on Friday:
How much clearer should the writing on the wall be? Get rid of the USD now while there are still enough people who can’t read it.
His tweet was prompted by aarticle titled “Saudi Arabia, Southeast Asian Nations Swipe Left on US Dollar Dependence,”which stated that Southeast Asian and Middle Eastern countries, especially Saudi Arabia and ASEAN countries are making efforts to reduce their dependence on the U.S. and the dollar,emphasizing that the U.S. is the only country in the Middle East that is not dependent on the dollar. Thatis also the case with Turkey’s central bankwhich recently announced measures to step up its de-dollarization efforts.
Schiff tweeted on Thursday:
The dollar’s status as a reserve currency is in jeopardy, as is the American standard of living on which it depends. The best thing you can do to mitigate your personal losses is to sell your dollars and dollar-denominated financial assets.
Economists have repeatedly warned about the state of the US economy and the looming devaluation of the US dollar. In a recent tweet, they warned that the U.S. economy is “poised for the biggest economic disaster in history” and emphasized that we are on the threshold of a financial crisis greater than the last one.
Schiff also tweeted on Thursday:
Soon, everyone in America will be a multi-millionaire. But don’t get too excited. Chewing gum sells for more than $1,000 a pack, and tax hikes designed to hurt today’s millionaires and billionaires will swamp tomorrow’s middle class.
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