The currency wars are getting hot and it’s looking increasingly likely that the world is going to start moving away from the US dollar as a reserve currency
BRICS efforts to upend the world monetary system represents one of the greatest threats to the US Dollar. All the infrastructure thats being built for a new monetary reset, is to remove the US dollar from leading the financial world economy.
Andy Schectman, President and Owner of Miles Franklin, discusses his thesis that the world is poised for a monetary reset which would result in the BRICS having their own reserve currency, likely backed by gold, and how this goes hand-in-hand with de-dollarization trends that are currently unfolding.
In an interview published on Feb. 16, 2023, He tells Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News, how a ‘tsunami of inflation’ would ensue as dollars are repatriated to the United States, which would cause a corresponding ‘crash’ in asset prices as interest rates rise accordingly.
With rising inflation, Schectman suggests that the interest rate set by the U.S. Federal Reserve will continue to rise and a “collapse” in asset prices will soon follow.
Schectman expects an economic collapse and suggests that it will be the time for a Great Reset to take place, with central bank digital currencies (CBDCs) being ushered in. Schectman says that the U.S. dollar was weaponized in 2022, and as a result, de-dollarization “seems to be spinning much, much faster.” The Miles Franklin executive and monetary historian believes that the BRICS nations are “coalescing against the dollar.”
“All it would take,” Schectman said. “Would be for Saudi Arabia to stand up on the stage [and declare] we’re now going to consider taking up other currencies for oil. And all of a sudden, bang, all of the countries that had to hold dollars for the last fifty years, no longer have an interest in holding them. And if they all start to dump dollars, and I think it would happen quickly, you would have a tsunami of inflation hitting the shores of the West.” Schectman told Makori that when asset prices collapse, CBDCs would be deployed. Schectman said.
Other countries, such as Saudi Arabia has shown interest in joining the BRICS nations, and the kingdom’s finance minister, Mohammed Al-Jadaan, said at the recent World Economic Forum event that Saudi Arabia is open to trading in currencies other than the U.S. dollar.
