{"id":20131,"date":"2023-04-23T02:01:27","date_gmt":"2023-04-23T02:01:27","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/economist-peter-schiff-warns-death-blow-coming-for-us-dollar-usd-to-lose-reserve-currency-status-economics-bitcoin-news\/"},"modified":"2023-04-23T02:01:27","modified_gmt":"2023-04-23T02:01:27","slug":"economist-peter-schiff-warns-death-blow-coming-for-us-dollar-usd-to-lose-reserve-currency-status-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/economist-peter-schiff-warns-death-blow-coming-for-us-dollar-usd-to-lose-reserve-currency-status-economics-bitcoin-news\/","title":{"rendered":"Economist Peter Schiff Warns ‘Death Blow’ Coming for US Dollar \u2014 USD to Lose Reserve Currency Status \u2013 Economics Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Economist Peter Schiff has warned that a death blow is coming for the U.S. dollar and the USD will lose its global reserve currency status in this financial crisis. \u201cPeople are still reluctant to call it a financial crisis, but that\u2019s exactly what it is, except it\u2019s bigger in scale and it\u2019s going to be far more impactful than the 2008 crisis,\u201d Schiff stressed.<\/strong><\/p>\n

Peter Schiff on U.S. Dollar\u2019s \u2018Death Blow\u2019<\/h2>\n

Economist and gold bug Peter Schiff explained that a death blow is coming for the U.S. dollar as a global reserve currency in a recent interview with Commodity Culture, which he shared this week.<\/p>\n

Regarding whether de-dollarization is happening and whether it\u2019s a real threat to the U.S. dollar\u2019s global reserve currency status, Schiff said: \u201cThe only thing that\u2019s surprising about the dollar\u2019s reserve status is that it still has it. Despite everything that we\u2019ve done, we still haven\u2019t lost that privilege.\u201d He elaborated:<\/p>\n

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I think the current financial crisis which just started is going to ultimately deliver the death blow to that status.<\/p>\n<\/blockquote>\n

The economist added: \u201cPeople are still reluctant to call it a financial crisis, but that\u2019s exactly what it is, except it\u2019s bigger in scale and it\u2019s going to be far more impactful than the 2008 crisis.\u201d He cautioned:<\/p>\n

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It\u2019s probably going to result in even more aggressive and reckless monetary and fiscal policy. And this time, it\u2019s going to take the dollar\u2019s reserve status down with it.<\/p>\n<\/blockquote>\n

\u201cThat\u2019s going to really complicate things here in the U.S. because it\u2019s going to send inflation much, much higher and American standards of living much lower,\u201d he opined.<\/p>\n

Responding to a question about whether the U.S. dollar is at risk of hyperinflation, Schiff detailed: \u201cThere\u2019s always a risk. For every country that issues fiat currency, inflation is always a risk. The question is how high is the probability.\u201d The economist continued:<\/p>\n

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I think the risk is a lot higher now than it\u2019s ever been, and in order to avoid that outcome, it\u2019s going to required some very difficult political decisions and choices that need to be made to avert that outcome.<\/p>\n<\/blockquote>\n

Schiff has consistently warned about an incoming financial crisis<\/a>. Earlier this month, he advised people to gid rid of their U.S. dollars<\/a> now. Last month, he warned of the biggest economic disaster<\/a> in U.S. history.<\/p>\n

What do you think about Peter Schiff\u2019s warning? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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