Economist Peter Schiff has urged people to get rid of their US dollars now that a growing number of countries have intensified their efforts to reduce their dependence on the US and the USD. “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 from dollars and dollar-denominated financial assets,” he emphasized.
Ditch the US dollars now, says Peter Schiff
Gold-loving economist Peter Schiff has urged holders of US dollars to dump them now. He tweeted on Friday:
How much clearer should the writing on the wall be? Get rid of your US dollars now, while enough people still can’t read it.
His tweet was motivated by a article titled “Saudi Arabia, Southeast Asian Nations Slide Left on US Dollar Reliance,” which highlights the growing efforts of Southeast Asian and Middle Eastern countries, particularly Saudi Arabia and ASEAN nations, to reduce their dependence on the US and the dollar. He turkish central bank it also recently unveiled measures to step up its de-dollarization efforts.
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 action you can take to mitigate your personal loss is to divest from dollars and dollar-denominated financial assets.
The economist has issued repeated warnings about the state of the US economy and the impending devaluation of the US dollar. In a recent tweet, he warned that the US economy is “poised for the biggest economic disaster in its history,” stressing that we are on the brink of a financial crisis that will be bigger than the last.
Schiff also tweeted on Thursday:
Soon everyone in America will be a billionaire. But don’t get too excited. Gum will sell for over $1,000 a pack and all those higher taxes meant to soak up today’s millionaires and billionaires will soak up tomorrow’s middle class.
Do you agree with Peter Schiff that the reserve currency status of the US dollar is in jeopardy and will you take his advice and sell the US dollar now? Let us know in the comments section.
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