INSTANT collapse of the dollar's global reserve status Andy Schectman warns of imminent, INSTANT collapse of the dollar's global reserve status
Nah, won't be instant. There are too many dollars offshore. IIRC in the mid 90s about half of all the currency was in countries other than the US. Oil is only one commodity, there are a lot of other things that dollars buy .. drugs, guns, real estate, elections, favors, food, water, ...etc. for the dollar to truly collapse, all those dollars would have to come back to the united states. And at that point we would be importing inflation back onto our shores. You think inflation is bad now, all those notes would make the prices blip a fair bit higher. But, to really de-dollarize, all the reserves of foreign banks and sovereign funds would have get rid of their dollar holdings as well. If the latter were to happen, then we'd have astronomical inflation. But OPEC just no longer accepting dollars ... not so much. It will cause a fair bit of problems but not the demise of our federal reserve note. It will take years, I'm talking decades before the next reserve currency takes our place. It's not going to be the ruble, nor the euro, and not even the yuan (China is not ready to take over for at least a generation). The japanese yen is dead. Maybe the SDR .. but that has the connotation of evil one world currency .. making that a tough sell for bible banger countries. Yep, the good ol' FRN is the nicest turd in the punch bowl. Enjoy the party. The music is still playing. All the clicks are still intact and casting aspersions towards others. SNAFU.
I think that's exactly what's happening as we type. The US is no longer protecting Saudi Arabia. Russia is. Now that that has occurred, we are no longer in the petro dollar system. Dollars are as good as toilet paper. Check out the video and get prepared.
You do know that the main person of the interview represents a precious metals bullion dealer right? Do you think he might want to raise fear, uncertainty and doubt (FUD) with respect to the current financial situation in the united states and basically across the globe. Yes the dollar sucks, actually all fiat currencies suck. But the USD just sucks the least amount. For an instant reset to happen ... we need an event that halts all international trade in everything. Like an asteroid hitting the earth. Are alternatives to the USD advisable .. sure they are but you need to actually have your house in order (water, shelter, food, security, means of production) first. The interviewee is selling you something. Before you buy, make sure you have your basics on hand .. oh and 2 is one and one is none. Only worry about the collapse of the dollar if you can afford to worry about it. Otherwise you may be prepped but will die of starvation first.
The US debt to China is over a trillion dollar alone, god knows what we owe other countries. when the dollar collapses what is preventing China and the rest to demand payment in our natural resources like coal, oil, natural gas. timber, land, food etc.
Easy, I'll just open my wallet and grab the Trillion dollar note stuck between the 5 Trillion and 10 trillion notes I got in change for a loaf of bread and hand it over.
I love how he says that BTC crashed because the Crypto market crashed as if they were the same thing. Apparently he doesn't understand that everything in the crypto market is centralized just like FRNs and BTC is not. Some people still think, "I wonder how much money I can sell my BTC for in dollars", as if it were a stock or a bond. It may take some time for people to realize that Bitcoin is the only decentralized money but when they do you wont be able to get any. One thing is certain. If you saw it on TV then you know it is a lie.
The overall thing you need to remember about the US losing it's reserve currency status is ... it's going to take a long time. There have been 5 maybe six currencies since the mid 1400 that were considered reserve currencies and used in trade outside of their borders. IIRC it was first Portugal, followed by Spain, Netherlands, France, Brittian and now US. I think Spain and Brittian had the longest runs so far. these were colonial powers and their currency was kinda forced on those wanting to trade with them The US basically took over as the only country left standing after the world wars. So, China seems like the likely successor to the USD but they got a lot of opaque financial operations and gov't control of industry and markets along with serious clamps of capital market .. probably shot themselves in the foot for now. The USD is kinda top dog for now whether the world or not likes it. (and they don't like it) the IMF Special Drawing Rights (SDRs) could displace us but it's for trade between countries and large institutions. You and I won't be getting any SDRs. Can't even swap anything for them. We are not in the club. Nope, we are going to be using the dollar for decades to come. And it's going to lose value the entire time. CBDCs are a wild card. every country can just deposit what ever ones and zeros into your central bank account and hand you a card and say spend it, at that point, spend everything they give you on what ever you can buy that is tangible that you need or can trade because inflation is about to moonshot in short order. Unlimited supply of fake money, limited supply of goods = prices attached to the next spaceX rocket. PMs will probably be good for trade but not sure if you can swap CBDCs for them. If i were running the CBDC scheme in an evil way, you wouldn't be allowed to use them to buy PMs, pay off your mortgage nor debts with them. You could only spend them on things like TVs, computers, entertainment. That way it will pump up the GDP thus making it look like our economy is doing better than it is. But no the dollar isn't going to lose out to China. It will lose out to the eDollar issued by the Fed and there won't be anyplace to run. Buy your preps now and save on the inflation prices. Better yet, learn how to make your own preps and not have to be a consumer.
Historically collapses like this have happened between 2-4 years but since we are the global reserve currency it may take longer. Weimar & Nazi Germany timeline. https://www.dallasfed.org/~/media/documents/research/swe/1999/swe9902c.pdf
