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[size=52]Economist: The elimination of the dollar is on the horizon[/size]
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Economist Peter Schiff, famous for his dire economic forecasts that also leads him to hold on to gold, once again warned of the looming risks for the US economy in a recent interview with NTD News.
Commenting on Commerce Secretary Gina Raimondo's recent statement that "separation (from China) is not part of our economic or national security goals," Schiff asserted that the United States cannot "afford the costs of secession because we have to recognize that China is our greatest resource." “And our biggest banker.”
He added, “The Chinese lend us money to buy the products they produce that we cannot produce, and our entire standard of living depends on China’s support.”
The economist explained, “If we lose this support, everything will collapse. We will lose, whether we like it or not.
He also touched on the issue of BRICS expansion and the prospects for creating a common currency for the bloc in the future.
"Look what's going on with the BRICS countries. They held a summit, they're growing, they're looking to get rid of the dollar, praise be to the dependence on the US dollar and eventually eliminate it," he said.
It should be noted that during the summit, BRICS leaders invited six countries to join the economic bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. Many believe that the membership of the oil giants in the BRICS group represents a strategic victory for China and Russia.
He added, "When those countries no longer need dollars, they will no longer need to sell their products to us because they have sufficient domestic demand for what they produce, which means that the United States will face big problems because we do not have the industrial capacity."
With regard to the strategy that the United States could adopt to mitigate the danger associated with economic relations with China, Schiff saw that the solution lies in "reducing the burden that the US government places on the global American economy and industry."
He also saw that the country "needs large-scale liberalization" and "large and wide cuts in public spending, in order to reduce the burden of paying these expenditures on the economy."
Finally, Schiff states that the US should "go back to producing what we currently import from China and other countries because when the dollar collapses" — which is inevitable, he says, if the currency loses its reserve status — the country won't be able to consume if it can't. from production itself. Ended/25 h
https://almaalomah.me/news/economy/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A:-%D8%A7%D9%84%D9%82%D8%B6%D8%A7%D8%A1-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%8A%D9%84%D9%88%D8%AD-%D9%81%D9%8A-%D8%A7%D9%84%D8%A3%D9%81%D9%82
Economist Peter Schiff, famous for his dire economic forecasts that also leads him to hold on to gold, once again warned of the looming risks for the US economy in a recent interview with NTD News.
Commenting on Commerce Secretary Gina Raimondo's recent statement that "separation (from China) is not part of our economic or national security goals," Schiff asserted that the United States cannot "afford the costs of secession because we have to recognize that China is our greatest resource." “And our biggest banker.”
He added, “The Chinese lend us money to buy the products they produce that we cannot produce, and our entire standard of living depends on China’s support.”
The economist explained, “If we lose this support, everything will collapse. We will lose, whether we like it or not.
He also touched on the issue of BRICS expansion and the prospects for creating a common currency for the bloc in the future.
"Look what's going on with the BRICS countries. They held a summit, they're growing, they're looking to get rid of the dollar, praise be to the dependence on the US dollar and eventually eliminate it," he said.
It should be noted that during the summit, BRICS leaders invited six countries to join the economic bloc: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates. Many believe that the membership of the oil giants in the BRICS group represents a strategic victory for China and Russia.
He added, "When those countries no longer need dollars, they will no longer need to sell their products to us because they have sufficient domestic demand for what they produce, which means that the United States will face big problems because we do not have the industrial capacity."
With regard to the strategy that the United States could adopt to mitigate the danger associated with economic relations with China, Schiff saw that the solution lies in "reducing the burden that the US government places on the global American economy and industry."
He also saw that the country "needs large-scale liberalization" and "large and wide cuts in public spending, in order to reduce the burden of paying these expenditures on the economy."
Finally, Schiff states that the US should "go back to producing what we currently import from China and other countries because when the dollar collapses" — which is inevitable, he says, if the currency loses its reserve status — the country won't be able to consume if it can't. from production itself. Ended/25 h
https://almaalomah.me/news/economy/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A:-%D8%A7%D9%84%D9%82%D8%B6%D8%A7%D8%A1-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%8A%D9%84%D9%88%D8%AD-%D9%81%D9%8A-%D8%A7%D9%84%D8%A3%D9%81%D9%82
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