Amid de-dollarization efforts employed by the BRICS alliance, well-known economist Peter Schiff has predicted a historic crash for the US dollar. Indeed, Schiff took to X, formerly Twitter, to share his perspective on the impending fate of the greenback.
Taking to the platform, and in no uncertain terms, Schiff stated “The US dollar is on the verge of a historic crash.” Subsequently, he reiterated that the developments will be a “game changer,” for the US economy. Moreover, he described the impending events as a “crash [and] burn.”
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Economist Peter Schiff Predicts the Dollar Will ‘Crash and Burn’
2023 has certainly been a year greatly defined by the growth of the BRICS economic alliance. Moreover, it has seen the bloc’s greater embrace of initiatives that would decrease international reliance on the US dollar. Now, those efforts have coincided with geopolitical realities that have created a rather dooming fate for the currency.
Indeed, among those BRICS de-dollarization plans, economist Peter Schiff has predicted a “historic crash” for the US dollar. Specifically, Schiff to the X platform to detail what he forecasts as a rather abrupt and unrelenting demise. Moreover, he described the potential developments as a “game changer for the Fed and economy, as it will send inflation, interest rates, and unemployment soaring.”
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The statement arrives as CNN reports the US Dollar is heading toward its worth month of the year. Indeed, the report states that the dollar is facing a 3.7% loss on the month against six other major global currencies. Thereafter, they identified the performance as the dollar’s worst of 2023.
A massive aspect of this development is the BRICS bloc’s plans for the dollar. Indeed, the collective has seemingly embraced local currency promotion for trade settlements. All the while, it has reportedly been developing its alternative currency to fast-track the stark decreasing presence of the greenback internationally.