Economist Peter Schiff has warned that the U.S. dollar is facing an imminent death blow and may soon 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 greater in magnitude and will have much more far-reaching impacts than the 2008 crisis,” Schiff commented.
Peter Schiff on U.S. Dollar’s ‘Death Blow’
Economist and gold bug Peter Schiff spoke on the impending death blow for the U.S. dollar as a global reserve currency in a recent interview with Commodity Culture, which he shared this week.
When asked whether de-dollarization is underway 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 further explained:
I think the current financial crisis which just started is going to ultimately bring about 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 greater in magnitude and will have much more far-reaching impacts 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 matters here in the U.S. because it’s going to send inflation much, much higher and American standards of living much lower,” he opined.
Schiff has consistently warned about an oncoming financial crisis. Earlier this month, he advised people to abandon their U.S. dollars now. Last month, he warned of the biggest economic disaster in U.S. history.
What do you think about Peter Schiff’s prognosis? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.