Advises 'Get Rid of Your US Dollars Now (Economist Peter Schiff)

DrBeer

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Quote from: be.open on May 02, 2023, 08:27:40 AM

....
Don't worry, your beloved dollar is not in danger. Well, except for the very real possibility of a US default in a month. Grin

It seems to be more profitable now to keep money in horse manure than in US dollars lol.

Oh, thank you for such a wonderful post

It was like jumping into the 80s, when the "great USSR" squealed from all the outlets - "the collapse of capitalism - soon! The dollar is worth nothing! The USA will collapse soon - they have only a few days / months left "Bankruptcy of the USA - already soon! Default of the USA - already soon! You have seen what kind of public debt they have - they will soon all become homeless!"
.... And then the "great USSR" collapsed, and its successor - declared default and begged food from the whole world

Anyway, thanks for the great joke!

monedauno

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Source

I read the quote at the end.

"So it does not become possible, as it is clear from the very first chapter in the book, to do things other than it is now possible."

A:

I'm pretty sure the last paragraph is correct. That you're correct.
First you say

We are ready for the so called "DEDOLLARISATION"

So there's a reason you're not taking the same position as I. And there are many people who are already taking it because - they feel it's right, so they don't get complacent.
You've written a book on it?
As for why they're not doing that, they've got enough to do at home - I think it's a very strong statement.
The question being asked is whether or not you think that, for the future to come, you should leave the USD in the US, or to have it available everywhere else, whether or not they should. Do they even want it there?

If you don't take it, who you have the power to do

be.open

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White Russian

Quote from: DrBeer on May 04, 2023, 01:37:07 AM

Quote from: be.open on May 02, 2023, 08:27:40 AM

It seems to be more profitable now to keep money in horse manure than in US dollars lol.

How cunningly you disguised the word "ruble" ... "Horse manure"

))))
And how do you store everything in horse manure - a ruble? Like ? Have you saved your savings from inflation, and most importantly, from the inability to buy anything of real value?

Okay... I was joking. Any manure is much more expensive and more promising than the Russian ruble!

))
Can you prove otherwise? Oh, I will be very glad to listen to another humorous show from you! Thank you in advance, for any answer from you - it is guaranteed to be funny

If you look closely at my signature, it will be easy for you to understand that I look at any fiat currency as shit.

DrBeer

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Quote from: be.open on May 02, 2023, 08:27:40 AM

It seems to be more profitable now to keep money in horse manure than in US dollars lol.

How cunningly you disguised the word "ruble" ... "Horse manure"

))))
And how do you store everything in horse manure - a ruble? Like ? Have you saved your savings from inflation, and most importantly, from the inability to buy anything of real value?

Okay... I was joking. Any manure is much more expensive and more promising than the Russian ruble!

))
Can you prove otherwise? Oh, I will be very glad to listen to another humorous show from you! Thank you in advance, for any answer from you - it is guaranteed to be funny

slapper

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Quote from: justdimin on May 03, 2023, 12:52:24 AM

Quote from: slapper on May 02, 2023, 06:58:56 AM

Dedollarization? Intricate and multifaceted, like a Da Vinci masterpiece. Adopting alternatives might minimize currency risks and give economic freedom, but think about the worldwide repercussions. Sudden dollar abandonment? It's like a dramatic plot twist that sparks volatility and uncertainty. The dollar's global reign is crucial, folks. Tinkering with it? It's risky business.

However, dedollarization isn't just about dethroning the dollar. It's the world stage changing, China stepping up, and other currencies getting their share of the spotlight. Decision-makers must be cautious, like navigating a minefield. Analyze pros, cons, and other currency options. The ultimate goal? A prosperous, stable global economy where everyone wins

I feel like any American would always hate on the others, and that is why it is proven again and again that you need to pick one of the evils and hope that yours is the lesser evil. China is not doing anything that USA hasn't done in the world stage, they are definitely trying to make nations depend on them, but not like USA didn't do that neither, they definitely did and that is the issue.

I always supported Euro, its neither dollar nor yuan, that way we do not need to focus on USA or China, and Europe is usually a lot more sensible when it comes down to stuff like these and should be alright. Can't say if it will be good or not but can say that it is going to be a little different and could be considered as better judgement compared to other two at least.

The Euro - Europe's fantastic glue. No denying, Europe's seen battles, rifts, but the Euro? It's like a peacekeeper, a unifier. But is it a magic wand for global issues? A cure for the US-China tussle? I'm doubtful, folks. Sure, the Euro's a decent middle ground, but it's not flawless. Europe, the "voice of reason"? Debatable. Every country's got its pros and cons, and sweeping generalizations? Unfair. So what now? Keep seeking answers, striving for a harmonious, collaborative world. Maybe the Euro will shine in that pursuit someday

DrBeer

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Quote from: slapper on May 02, 2023, 06:58:56 AM

....
dedollarization? Intricate and multifaceted, like a Da Vinci masterpiece. Adopting alternatives might minimize currency risks and give economic freedom, but think about the worldwide repercussions. Sudden dollar abandonment? It's like a dramatic plot twist that sparks volatility and uncertainty. The dollar's global reign is crucial, folks. Tinkering with it? It's risky business.

However, dedollarization isn't just about dethroning the dollar. It's the world stage changing, China stepping up, and other currencies getting their share of the spotlight. Decision-makers must be careful, like navigating a minefield. Analyze pros, cons, and other currency options. The ultimate goal? A prosperous, stable global economy where everyone wins

I would put the question a little differently. What prevents the dollar, as an international currency of settlements, from other countries? Well, except for envy and anger from the impotence of their currency?

I'm serious. How does the dollar interfere with other economies?
And the second question - what instead of the dollar? More or less for this position, the Euro is suitable. And then with reservations. The international currency of account MUST be supported by the power of the state itself or the union of states. Strength, stability, real security, technology, politics, army, and other parameters.
The situation with China is this: China, of course, DREAMS of its greatness, but so far it is just a big economy, which has become such due to Western investment, technology and the consumer market. But China is now positioning itself as a major regional leader, with the ambitions of the second pole in the bipolar world. At the same time, its economy is actually quite vulnerable, and has real problems that need to be solved before internal protests and high internal tensions begin ...

Pierre 2

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Gold investors are very annoying, I personally think. Don't get me wrong, I like to invest in gold. Hell even I buy real gold so I can sell at better prices. But Gold doesn't perform that well compared to crypto or financial assets (in good economy). Its safe haven to go when global world is in crisis, nothing more nothing less.
On the other hand I completely agree that we will see weaker US Dollars in future because of China. But its very early to worry about that man. USA dominates world still.

justdimin

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Quote from: slapper on May 02, 2023, 06:58:56 AM

Dedollarization? Intricate and multifaceted, like a Da Vinci masterpiece. Adopting alternatives might minimize currency risks and give economic freedom, but think about the worldwide repercussions. Sudden dollar abandonment? It's like a dramatic plot twist that sparks volatility and uncertainty. The dollar's global reign is crucial, folks. Tinkering with it? It's risky business.

However, dedollarization isn't just about dethroning the dollar. It's the world stage changing, China stepping up, and other currencies getting their share of the spotlight. Decision-makers must be cautious, like navigating a minefield. Analyze pros, cons, and other currency options. The ultimate goal? A prosperous, stable global economy where everyone wins

I feel like any American would always hate on the others, and that is why it is proven again and again that you need to pick one of the evils and hope that yours is the lesser evil. China is not doing anything that USA hasn't done in the world stage, they are definitely trying to make nations depend on them, but not like USA didn't do that neither, they definitely did and that is the issue.

I always supported Euro, its neither dollar nor yuan, that way we do not need to focus on USA or China, and Europe is usually a lot more sensible when it comes down to stuff like these and should be alright. Can't say if it will be good or not but can say that it is going to be a little different and could be considered as better judgement compared to other two at least.

iv4n

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Getting rid of fiat would be a more appropriate headline! It's fiat after all... all fiat currencies lose their value over time. You can call it a dollar or euro, yuan, or anything else, it's a government-controlled currency... they will do with that whatever they want. It's why "be your own bank" should have some higher meaning, and it's why Bitcoin (and some other great coins) are so popular. Simply crypto is alternative, there are no other alternatives available for the masses.

Peter Schiff is/was wrong about crypto from the start. In my eyes, he got "famous" for his "anti-Bitcoin" tweets, but since that time Bitcoin made some crazy heights, so he was wrong about most of his predictions, I guess that speaks for itself and his credibility.

I can only hope that I live to see all fiat currencies fall... that will happen, it's inevitable, it's just a question of time.

Yatsan

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Dollar indeed have shown decline on its market price in line with issues of the country's economy but hey, we are talking about dollar, a powerful currency and is something being used across the globe. For sure it won't fall down easily. There is a reason to worry but never to panic. If you choose to let go of your USD then that would be fine but if you are just having thoughts of doing so because of the things surfacing the net, then think twice. I'd more look at the downfall of US as a downfall as well with ither country's economies especially the third world. Read further articles about the situation this currency is tangled with and decide for yourself afterwards.

Synchronice

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I think that people rarely get this type of suggestion correctly. Majority of people think that it means you have to exchange every single penny into crypto or gold or etc while that's not the case because actually right now you are still dependent on dollar for your every day tasks, if you just go and invest all of your funds into something and you'll have to convert some part of that asset every time to buy something, then you end up into a very unpredictable situation.

At the moment, the system works, not everyone saves money into cryptocurrencies or gold, doctors won't judge your appointment according to Bitcoin's price. At the moment, things are okay but you should be ready to take extreme measurements in case the dedollarisation becomes a trend.

be.open

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Quote from: DrBeer on May 02, 2023, 03:26:53 AM

Quote from: Freddie Boyer on April 19, 2023, 12:31:31 PM

I think the move towards dedollarization is a complex issue with potential advantages and disadvantages. While adopting alternative currencies can provide greater economic independence and reduce currency risk exposure, there may be negative impacts on the world economy, such as increased volatility and uncertainty and on the other hand the dominance of the US dollar has become an integral part of the functioning of the global financial system, thus sudden shifts away from it can cause significant distraction.

Today's "de-dollarization" has nothing to do with an attempt to really destroy the hegemony of the dollar as the main currency of the world economy.
I already wrote - this is a project of China, to save its economy, at the expense of the countries that it managed to catch on the hook of the hysteria "we are giving up the dollar."
At the same time, I agree that there are some countries that really really want to cause maximum harm to the United States and their currency ... But these are countries on which nothing depends in this world and their fantasies will not come true

Don't worry, your beloved dollar is not in danger. Well, except for the very real possibility of a US default in a month. Grin

Quote

After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time.

It seems to be more profitable now to keep money in horse manure than in US dollars lol.

slapper

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Quote from: DrBeer on May 02, 2023, 03:26:53 AM

Quote from: Freddie Boyer on April 19, 2023, 12:31:31 PM

I think the move towards dedollarization is a complex issue with potential advantages and disadvantages. While adopting alternative currencies can provide greater economic independence and reduce currency risk exposure, there may be negative impacts on the world economy, such as increased volatility and uncertainty and on the other hand the dominance of the US dollar has become an integral part of the functioning of the global financial system, thus sudden shifts away from it can cause significant distraction.

Today's "de-dollarization" has nothing to do with an attempt to really destroy the hegemony of the dollar as the main currency of the world economy.
I already wrote - this is a project of China, to save its economy, at the expense of the countries that it managed to catch on the hook of the hysteria "we are giving up the dollar."
At the same time, I agree that there are some countries that really really want to cause maximum harm to the United States and their currency ... But these are countries on which nothing depends in this world and their fantasies will not come true

Dedollarization? Intricate and multifaceted, like a Da Vinci masterpiece. Adopting alternatives might minimize currency risks and give economic freedom, but think about the worldwide repercussions. Sudden dollar abandonment? It's like a dramatic plot twist that sparks volatility and uncertainty. The dollar's global reign is crucial, folks. Tinkering with it? It's risky business.

However, dedollarization isn't just about dethroning the dollar. It's the world stage changing, China stepping up, and other currencies getting their share of the spotlight. Decision-makers must be cautious, like navigating a minefield. Analyze pros, cons, and other currency options. The ultimate goal? A prosperous, stable global economy where everyone wins

kryptqnick

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I don't think that de-dollarization is going to happen any time soon. Some countries have been working on moving away from the dollar and will continue doing so, but the majority, I believe, will continue relying on the dollar as a reserve currency, even if inflation spikes again. For example, Russia will primarily buy yuan as its reserve currency, but since it was already under Western sanctions, I don't think that will be of any impact for the USD.
Also, while the US economy is shaky with all that printing they've been doing, raising the debt ceiling and recent bank collapses, it's not nearly bad enough to be $1k per pack of chewing gum, which was predicted by Schiff.

livingfree

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It's a real thing that many are starting to become conservative and aware of the decrease of dollars value and power. We don't know if it's going to be a quick phasing or slow phasing since US won't just let it gonna happen quickly.

There are a lot of ways for them to retain the value of dollar thus, we see rumors of war. What's sad to see is that there's money in war and that's probably the last resort they're seeing and that's why in those countries where disputes are active like where China is roaming and Taiwan has got a back to lean on with US. The situation is being capitalized by them and result of it whether we like it or not will benefit them.

DrBeer

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Quote from: Freddie Boyer on April 19, 2023, 12:31:31 PM

I think the move towards dedollarization is a complex issue with potential advantages and disadvantages. While adopting alternative currencies can provide greater economic independence and reduce currency risk exposure, there may be negative impacts on the world economy, such as increased volatility and uncertainty and on the other hand the dominance of the US dollar has become an integral part of the functioning of the global financial system, thus sudden shifts away from it can cause significant distraction.

Today's "de-dollarization" has nothing to do with an attempt to really destroy the hegemony of the dollar as the main currency of the world economy.
I already wrote - this is a project of China, to save its economy, at the expense of the countries that it managed to catch on the hook of the hysteria "we are giving up the dollar."
At the same time, I agree that there are some countries that really really want to cause maximum harm to the United States and their currency ... But these are countries on which nothing depends in this world and their fantasies will not come true

Argoo

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Quote from: Freddie Boyer on April 19, 2023, 12:31:31 PM

I think the move towards dedollarization is a complex issue with potential advantages and disadvantages. While adopting alternative currencies can provide greater economic independence and reduce currency risk exposure, there may be negative impacts on the world economy, such as increased volatility and uncertainty and on the other hand the dominance of the US dollar has become an integral part of the functioning of the global financial system, thus sudden shifts away from it can cause significant distraction.

Russia has already tried to declare "war" on the US dollar, especially in the period after the introduction of strong sanctions in the financial sector of the economy. But this further aggravated the deplorable financial situation of the Russian Federation. The transition to rupees in trade with India brought huge losses to Russian oilmen.

As a result of trade with India, Russian oil exporters received large sums of rupees, which, as it turned out, no one needed. Their oilmen are forced to sell at a discount of as much as 10% in order to get at least some revenue.

However, the Kremlin plans to continue to conduct such experiments and instructed Deputy Prime Minister Alexander Novak to transfer oil trade to Russian rubles and Chinese yuan. Now Indians need somewhere to get rubles or yuan instead of rupees! This is despite the fact that India has a negative trade balance with China and the Russian Federation and has no extra rubles and yuan.
It seems that India may simply refuse to buy Russian oil. The Kremlin, following Europe, will lose another major buyer of its energy resources.

Freddie Boyer

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I think the move towards dedollarization is a complex issue with potential advantages and disadvantages. While adopting alternative currencies can provide greater economic independence and reduce currency risk exposure, there may be negative impacts on the world economy, such as increased volatility and uncertainty and on the other hand the dominance of the US dollar has become an integral part of the functioning of the global financial system, thus sudden shifts away from it can cause significant distraction.

firesurfer

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The advice above may work for states, but for single property owners like us, it doesn't help.
If possible, convert your funds to stable coins like USDT or stable assets like gold.
I am losing faith in the leaders because they make the currency depreciate more and more. It also means the labor that I depreciate. Investing wisely in different assets or financial instruments, we help to protect and develop our financial ability.
Money should be circulated and they are just a medium to convert labor into goods at the transaction time, so use it appropriately for maximum efficiency.

el kaka22

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I mean get rid of your fiat should have been a lot better I agree with that. It is obvious that if you are doing something with your fiat, then you are about to lose a lot of it because inflation is killing it and FED is about to stop the interest increase, or maybe even start to decrease it soon.

This means that a ton of money was withdrawn from the market and put into interest and savings, and all of that will be going out as well in the near future, when it does the market will be flooded with fiat and that is going to hurt the value of it. This is why whatever fiat you have, it is a smart move to change that into something else. I personally highly suggest buying bitcoin, but even gold would be a better thing than fiat.

Topic: Advises 'Get Rid of Your US Dollars Now (Economist Peter Schiff) (Read 432 times)