De-dollarization is currently being widely discussed across the globe. BRICS nations which include Brazil, Russia, India, China, and South Africa have been pushing toward dumping the U.S. Dollar. While the commonly speculated notion is that the U.S. dollar would lose its hegemony, however, according to the author of Rich Dad Poor Dad, there are more consequences to follow.
In his recent video on The Rich Dad Channel, Robert Kiyosaki explained that a slew of crises is bound to follow the U.S. if BRICS proves to be successful. The author suggested that the country could face hyperinflation, war as well as starvation if the dollar loses its dominance. He said,
“Out of all this chaos, and the dollar going bad, the dollar’s going to come back in trillions. Hyperinflation, war breaks out, starvation increases.”
Alongside, the BRICS nations, other countries like Iran and Saudi Arabia could also aid in the de-dollarization initiative. Rumor has it that Canada and Mexico could also join this movement. Currently, BRICS is working on a currency that isn’t pegged to the U.S. dollar.
Kiyosaki highlights trust issues around U.S. Dollar
There are several notions about the fall of the U.S. dollar. However, Kiyosaki noted the possibility of the “Triffin dilemma” kicking in. Elaborating on the narrative, Kiyosaki said,
“Triffin’s dilemma meant that the US had to supply dollars to every central bank throughout the world. So we had to print probably quadrillions of dollars. And what happens is when the playground bully, the U.S., and the BRICS nations gang up against the bully, they say, ‘Take your dollars back.”
Following this, when these dollars come back into the country, hyperinflation might take the front stage. He further says, “every time there’s hyperinflation, guess what happens? Dictators arise.” He concluded by predicting that the world is going witness hyperinflation like never before.