Economist Peter Schiff is strongly encouraging people to part ways with U.S. dollars at this point, as various countries around the world have been accelerating their efforts to reduce their dependence on the USD. The economist believes that the dollar’s reserve currency status is in serious jeopardy and that the American standard of living that depends on it will be significantly impacted as a result. To mitigate any potential losses, he stressed that divesting dollars and dollar-denominated financial assets is the best move to make.
Peter Schiff Recommends Selling the USD Now
Gold bug and economist Peter Schiff has recently urged those holding U.S. dollars to ditch them now. On Friday, he tweeted:
How much clearer does the writing on the wall need to be? Get rid of your U.S. dollars now, while there’s still enough people who still can’t read it.
His tweet was a response to an article entitled “Saudi Arabia, Southeast Asian Nations Swipe Left on US Dollar Dependence,” which discussed the various efforts by countries in Southeast Asia and the Middle East, particularly Saudi Arabia and ASEAN nations, to significantly reduce their reliance on the U.S. and the dollar. The central bank of Turkey has also recently revealed plans to further their de-dollarization strategy.
Schiff tweeted on Thursday:
The dollar’s reserve currency status is in jeopardy, as is the American standard of living that depends on it. The best move you can make to mitigate your personal loss is to divest of dollars and dollar-denominated financial assets.
The economist has been continuously warning about the current state of the U.S. economy and the potential devaluation of the U.S. dollar. In a recent tweet, he pointed out that the country is on the brink of the largest economic disaster in its history, which will be bigger than the last one.
Schiff also tweeted Thursday:
Soon everyone in America will be a multi millionaire. But don’t get too excited. Chewing gum will sell for over $1,000 per pack and all those higher taxes meant to soak today’s millionaires and billionaires will drench tomorrow’s middle class.
Do you agree with Peter Schiff’s assessment of the U.S. dollar’s reserve currency status being in peril and are you going to take his advice and sell the U.S. dollar now? Share your thoughts in the comments section below.
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