Andy Schectman, chief executive of Miles Franklin Precious Metals Investments, explained in a recent interview that the top five emerging economies — Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations — are “melting against the dollar.” Schectman believes that from 2022, de-dollarization “seems to be spinning much, much faster.”
De-dollarization and CBDC: Monetary Historian Suggests a Great Reset Is Imminent
in a interview Posted on February 16, 2023, Miles Franklin executive Andy Schectman discussed his economic predictions with Michelle Makori, lead anchor and editor-in-chief of Kitco News. Schectman expects much of the world to abandon the US dollar and also predicts a “tsunami of inflation.” With inflation rising, Schectman suggests that the interest rate set by the US Federal Reserve will continue to rise and a “crash” in asset prices will soon follow.
Schectman’s view is similar to that of Lynette Zang, chief market analyst at ITM Trading, in a recent interview with Kitco’s Makori. Like Zang, Schectman expects an economic collapse and suggests that it will be time for a Great Reset, with the introduction of central bank digital currencies (CBDCs). Schectman says the US dollar was weaponized in 2022, and as a result, de-dollarization “seems to be spinning much, much faster.” Executive and monetary historian Miles Franklin believes that the BRICS nations are “merging against the dollar.”
“All that it would take,” Schectman said. “It would be Saudi Arabia standing on the stage (and declaring) that we are now going to consider taking other currencies for oil. And suddenly, bang, all the countries that have had to have dollars for the last fifty years are no longer interested in having them. And if everyone starts throwing dollars, and I think it would happen quickly, you’d have a tsunami of inflation hitting the shores of the West.” Schectman told Makori that when asset prices crash, CBDCs will be implemented. Schectman insisted:
That is when they would come in and launch their new CBDC. This gives them coverage to roll it up.
Saudi Arabia has recently shown interest in joining the BRICS nations, with the kingdom’s finance minister Mohammed Al-Jadaan saying at the recent World Economic Forum event that Saudi Arabia is open to trade in currencies other than the US dollar. In June last year, Russian President Vladimir Putin announced the creation of a new international reserve currency at the 14th BRICS Summit. Amid this news, tensions between Russia and China and the United States continue to escalate.
What do you think about the potential impact of de-dollarization and the rise of CBDCs on the global economy? Share your opinions and ideas in the comments section below.
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