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

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!

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

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

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

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

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 ...

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.

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.

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.

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.

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.

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


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

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 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.

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.

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

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.

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.

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.

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.

You won't see anything out of the ordinary there. Soon everyone will forget about the ruble except the inhabitants of Russia itself. The yuan will take the place of the dollar, for a certain circle of countries, "servants of China", which China will force to use in settlements among themselves "a multi-currency wallet from local currencies to weaken the influence of the dollar." True, the "multi-currency wallet" will consist of ... RMB And after a while, these countries will understand, but later later, that they have become free donors for the Chinese economy, while they have taken away the inflation that poisons the Chinese economy. Well, such is the fate of fools



PS By the way, to everyone - have you noticed how since Monday, SYNCHRONOUSLY EVERYWHERE, there has been a decline in the flow of articles on the topic "! Everyone refuses the dollar"? Advertising company was paid before Monday? 

Peter is always a doomsayer in finance he had been saying all these for a long time and he is just saying "i told you so".  
but this is happening in crypto afaik, as holders of stabelcoin are buying back BTC and hedging thier dollars with BTC.

the de-dollarization is related to geopolitics because China turning Asia as to be the center of trade, they wanna push the multipolar world where they rule Asia.

I'd tell him that I've been doing it for years getting rid of my fiat money and putting everything into bitcoin but I doubt that's what he had in mind by telling us to sell our dollars

I don't see the dollar dying anytime soon. They'll rather sell part of the US to the highest bidder than let the currency die or they'll make it look like a cyber revolution and make us use a CBDC while getting rid of cash payments but again that's going to cause nation-wide protests.

They can't let the dollar die and if it were to happen they'd do something extreme like offer more weapons to Ukraine to end the war and start getting contracts to rebuild the country and restart the US economy this way. They have a lot of aces up their sleeves.

It is advisable to keep a close watch on the Russian ruble and the Chinese Yuan for some time. Lately, these two currencies have not been responding positively to news and trade deals, and instead, they have been depreciating against the US dollar. Despite the dollar losing 3% of its value in the past year, the government has not shown any concern or taken any action regarding the economic war between these major countries. However, the USA has more urgent challenges to deal with, such as high inflation rates, job losses, and a declining popularity of the President.

The only interested party of such rumors is China. Which now needs to "attach" donors to its economy. The Chinese economy is in real trouble right now, and the withdrawal of Western investment and technology actually means a reverse process of development, or "forward to the past", where China was a simple, densely populated Third World country. And China's task is to withdraw all the normal currency from the bank reserves of the BRICS countries, replacing their foreign exchange reserves with the yuan. And then the subsequent process of establishing an "economic slaveholding" system in their "appendages", which should become completely dependent on the yuan. At the same time, if you notice - China is buying dollars and gold, but not rupees or rubles - why does China need "paper wrappers"?

Rumors about the need to get rid of the dollar are deliberately spread. This is nothing more than political propaganda that has nothing to do with reality. For the first time, a Chinese journalist spoke on this topic, and it was gladly picked up by opponents and competitors of the United States. All fiat currencies are now experiencing difficulties and inflation after the coronavirus pandemic and the intensification of various cataclysms in the world, including artificial ones, such as wars. The dollar may weaken a little, but this does not mean that it will lose its role as a world reserve currency.

1. Regarding inflation. I will give a simple, understandable process that explains where it comes from, and why bitcoin in this situation will only create problems. For example, the United States, 2020, a global pandemic, economic contraction, many companies stop working, unemployment is growing, taxes are being reduced. What does the state do - to ensure an acceptable standard of living for its citizens, yes, they launched a printing press, and printed really unsecured money to distribute to all those in need. This, of course, generates inflation (the money supply exceeds the real product that provides the money supply).
Now try to simulate the situation if bitcoin becomes a currency. How can the state make additional emission? No way ! And all people are sitting without money, and at the same time, the cost of bitcoin is also falling, because. today it is absolutely speculative asset.

2. The argument about "cryptocurrency allows you to be rich." And can you also bring an argument?
A speculative asset that can provide income only to large speculators and manipulators, and to a very small number of bystanders. A simple example. In November 2021, you are paid a salary in advance for a year in advance. I'm just simulating the situation to make it clearer. Your bet is in dollars, for example, but you choose "an independent cryptocurrency with which you will become rich, and not these pieces of paper." For example, we received bitcoin for the equivalent of $60,000 (let's say you have a rate of $5,000 per month). At that rate, it was about 1 bitcoin. Everyone - you are rich ... But .... by the end of 2022 (i.e. in just a year), your 1 bitcoin turns into .. 20,000 dollars, and this is provided that you did not spend anything. But the reality is that you will consume, and the real picture will be even worse. And in the dollar, even with its 10% inflation, you would have had about 54,000 dollars at purchasing parity What kind of wealth did you want to tell everyone about?

He could possibly be advising holders of the dollar to adopt a new currency rather than hold something that will lose value or, shall I say, be worthless in times to come based on his analysis. 

He could have advised people to buy Bitcoin and hold it instead of the dollar, but his hatred for Bitcoin won't allow him to say that; it will definitely heat his pride that what he has been criticizing over the years is still standing strong, up and running, which is why his so-called best investment, "Gold," which he advised many to buy, has just been rotating in one place. 

OP, we shouldn't take anything that's coming from a big fat mouth too seriously; they voice out whatever they think is right and want people to just do as he said: "The dollar is gradually devaluing because of the non-stop printing, but it still can't make it unacceptable to international traders." We all have choices of payment; we always have; there is nothing really new here. 

I had free time and I decided that maybe yesterday in a hurry, I missed a lot of information and in vain I slander a person. Perhaps I was looking in the wrong place, I was looking in the wrong way ... And so I spent several hours of fruitful work, and searched everything I had time, in search of information about the recognition of Peter Schiff as an economist, analyst, forecaster ... And you know .. The picture turned out to be very interesting . All the information that exists and that relates to the economy and forecasts revolves around his only "forecast" that "the real estate bubble will burst"! Moreover, he made this "discovery" when he had been talking about it for several years, other analysts said. And this is very easy to check using search engines and reading the given publications! Yes, he has some lectures, some speeches ... But I didn’t find any really unique, strong and very early predictions about anything else!

The question is who and why is now bringing to the surface this "world-class analyst", and even with such fabulous speeches?! The only thing I can assume (this is my opinion) is that China is now investing in an advertising project to "support" its future currency slaves, to speed up the process of their abandonment of the dollar in favor of the yuan! But then an excellent reality show "How to become a slave of China, out of your own stupidity" will begin

Peter Schiff doesn't believe in Bitcoin. He is preaching against it since I am in crypto... and since that time Bitcoin price is a lot higher. Peter the great expert. I mostly read about him on Twitter, he wrote about anything and everything... and he was mostly laughed at. I also remember those who created Twitter accounts with his name only to make fun of him and his twits.

Well, I wouldn't pay much attention to Peter and his words.

Our dependence on FIAT including USD makes it difficult for us to develop, inflation continues to occur and cannot be prevented, the decentralization system is actually very good to make us develop, what happens with Bitcoin and Cryptocurrencies provides opportunities to be rich, the most important thing is that we dare to take risks.

OK boomer.

---

Mass de-dollarizarion only has a chance to begin when BRICS countries create their own currency (sorry, but a "basket of currencies" only for trading doesn't cut it - I can't buy that at any forex market), and then - and this is important - use it to replace their own currencies as the primary national currency (and international currency for BRICS countries).

And no, CBDC won't help here either - nobody likes or wants to use the technology. It must be a paper banknote.

What do you think? I'm kinda impressed you have a guy who would openly declare a mental war on the dollar. I would never meet any guy in my life who have the ball, all of them bend over to the dollar quickly. I would say, there is only one nation who have the ball, it was Japan, but their ball are now getting locked after their land got atomic bombed twice, I would not hope China would repeat what the Japan did, it is either you or me, life is tough, someone has to kill for limited resource to put on the table, it is survival of the fittest.

Hey, folks! Peter Schiff's diatribe against the dollar's reserve currency status is must-listen. Many countries are abandoning the dollar for international transactions, which might hurt the U.S. economy and lifestyle. Schiff is right—it's not the apocalypse, but we must prepare for change.

What is "divest of dollars and dollar-denominated financial assets"? You can't sell all your dollars and invest in other currencies or assets. That's child's play compared to genuine. Being too early or late to the celebration is equally risky. So, the lowdown? No one knows the answer to that difficult question

Peter Schiff is being a bit hyperbolic, we actually saw USD's inflation rate drop for the 3rd consecutive month: https://www.usinflationcalculator.com/inflation/current-inflation-rates/

Of course, you don't get back the purchasing power that was lost over the last year. The currency is still worth less than it was no matter how much the inflation rate returns back to zero.

There's still a lot of countries that hold USD so the global economy would be disrupted if USD were to hyperinflate -- that being said, countries are dumping USD out of their reserves because the current inflation rate is already too high. Purchasing power decaying at near double digits aren't attractive, neither is a radical government that is being overly aggressive with sanctions.

As usual, this was only an opinion by some famous personality but it does not mean what they said is true and we must obey it. The decision is still up to us and we know if what is right or wrong for us. This guy can be one of those people or countries who are avoiding U.S Dollars and now using China Yuan.

There's a thread about this which I read last time. There are currencies which value is higher than USD. One that I know is Euro but I think in terms of popularity or dominance, USD is still leading among them. It's even the first currency to measure the value of cryptos. FUD about the dollar won't last but there will always be another FUD about it. This is why many of us are not affected about it anymore.

Just a question: can anyone name multiple realistic market forecasts (US, EU, world) by Peter Schiff? Well, except for the forecast that was given by VERY MANY analysts back in 2003-2008 - about the US real estate bubble?
I would like to read his economic articles, system programs, actually implemented projects to improve the economy of a state, or a city, well, or a district, ok? I searched - everywhere only "he is the best representative", "doomsday economist", and everywhere there is only one forecast - about a bubble with the real estate market?

If you look at the forum, and at some media outlets, the avalanche-like publication of almost carbon-copy articles, "from internationally recognized experts" (which no one has heard of before), and from rogue countries - articles about "de-dollarization" is very noticeable. Interesting - what is it for? It seems that someone wants to divert attention from something really significant, and really unpleasant, but it remains to be understood for whom? Who so does not want to be noticed, and tries to distract with fantasies about "de-dollarization of the whole world"? I guess, and I'm sure very soon we will hear how, on the other side of the globe, something will burst and break very loudly .....

This is misleading unless he is referring to using all the dollars on you to buy Bitcoin, the dollar still has more value than my country's currency.

I have no reason to get rid of dollars simply because it could lose its first place, also is a dollar the most valuable currency over all others?  

I read somewhere online that the most valuable currency in the world today is the Kuwaiti Dinar, so this is just temporal, the FUD on the dollar from other countries won't last.

Whatever Peter is spitting out of his mouth will become history soon, We don't even know how the Russia and India plan will work out in the end, just because something new is coming it doesn't make it better than the old.

The dollar is to a large extent more stable than most currencies, which is why it was using it for international trade is convenient. International trade will be more complex if the dollar is ditched because some local currencies are highly volatile.

Chinese Yuan seems to be the currency that might want to compete with the dollar, but there has not been a consensus that it will be the alternative. Except for the BRICS nation adopts the Chinese currency or they decide to introduce a common currency, there is still no agreement of which currency to adopt.
The best decision would be let every nation accepts other nation's currency in international trade.

Most of these nations pushing for de-dollarization simply want to make their currency stronger. It would have been better for every nation to switch to another currency that is not centrally controlled. And bitcoin would have been a good alternative to the dollar because it is decentralized and no country will feel cheated. And making bitcoin the international payment currency might make it more stable and less volatile.

Who do you mean, when you say WE? The entire world or the Americans? The Americans will be way worse than the rest of the world, after the US dollar loses it's status of a Number One reserve currency(which won't happen so soon).
I think that dedollarisation has to be conducted in a slow and steady way(step by step), gradually reducing the US dollar's dominance over the global finance. A fast and rapid dedollarisation would cause a global financial disaster.
I wouldn't call Peter Schiff an "economist". He's just a hardcore gold supporter, who keeps repeating the same old stuff "buy more gold, sell everything else".

Well, well, well! Pete Schiff's at it again, stirring the finance pot! But is he onto something, or just yanking our chains? Are we really teetering on the edge of a financial meltdown that'll dwarf the previous one? Frankly, I'm torn between sheer excitement and utter dread! On one hand, the thought of swimming in millions sounds like heaven! But on the flip side, shelling out a grand for a pack of gum? Pure hell!

Joking aside, "dedollarisation" is one heck of a philosophical beast. It pokes at the future of our economy and the USD's global market role. Will ditching the greenback for another option bring chaos to the world economy? Or will it forge a more balanced and robust financial scene? Time holds the answers, but one thing's crystal clear: we must innovate and think outside the box for our financial destiny. No sitting pretty and crossing fingers. We've gotta seize the day and take daring strides to ensure our financial security.

The advice has to be qualified further. If Peter is saying everybody should be getting rid of their US dollars now and shift to Bitcoin, then perhaps it makes some sense. But if he is simply saying get rid of the US dollars, that's a bit misleading. As a matter of fact, if I kept my savings in USD rather than my own local currency, I would have made a decent profit. So which asset or currency shall we be converting our US dollars to? Gold? It barely even moved for the past 10 years.

I would listen to him on the diagnosis. If you hear what he says about the fiat monetary system, those of us on the forum will agree, because it is a diagnosis worthy of Satoshi. Where he fails is in the proposed solution. I think he has become entrenched in a position that blinds him and even makes him look ridiculous. Last time I even heard him talk about a gold-backed cryptocurrency or token. And he prefers that to bitcoin? It is ridiculous that a person who is so right in his diagnosis should be so wrong in his proposed solution.

Yes, there are real risks to the dollar, but it is not that simple. I do not expect the collapse to happen so quickly. Also, what is the alternative? Is another Fiat the alternative?

If a switch is made from the dollar to the yuan or the euro, is there any guarantee that the same will not happen to this alternative fiat? I expect that the infection will spread quickly and infect all other fiat, so in the event of the collapse of the dollar, there will be no alternative fiat to the dollar, but rather an economic disaster will befall all countries.

I think the best solution in such a scenario is to switch to bitcoin which has proven to be an inflation safe way.

Peter Schiff is a perma-doomer and gold bug, he will always make the same prediction no matter what. If you are telling for decades that an economic crisis is coming, than sooner or later you will be right, because they happen quite often. But also such predictions are useless, because they need to be accurate in terms of timeframe to be useful.

As for dedolarization, countries that are opposed to the US have been doing this for quite a while. Just remember that the US + EU have half of global GDP, if you add countries that have good relations with the US, you will have over 70% of world economy. Can you imagine any of them switching from US dollar?


India and China are rivals, no way India will ever be aligned with China against the US. And Brazil is pretty neutral and won't go against the US either.

Yes as a Bitcoin community we wouldnt be taking advice from this guy unless he advised
his audience to get into Bitcoin, which is not going to happen.


It is real and the fact that so many countries are shying away from the $ is really only
the start of the demise. Saudi Arabia moving away from the $ is a massive and I think
it will gain momentum with other countries as time passes.

I find Peter Schiff's declarations rather alarmist and exaggerated for now. Part of the things he is saying are true, there are countries and economies which are trying to ditch the American Dollar as reserve currency and fundamental bridge to do business, but it is rather very early to say how it is gonna go for those markets.

There is always a good chance those new projects do not go anywhere an people stay holding and using the USD.
Has it lost some of its value and trust? Yes, it is true, but obviously, Schiff and people like him which have always exalted gold over other assets are seizing this opportunity to push their own narrative and underestimate their own government, tagging the treasury of US as idiots that would leave the USD to sink into irrelevance.

Again, it is too early for panic in America.

If countries like China and other BRICS countries trying to acquire more gold for their gold back stablecoin, it should be a reason that gold is always been the one being used as currency since time.

His warning is not about BTC, its about hedging your wealth when the USD is close to having collapse which you might as well just use your USD to buy anything you want while its still have higher value.  He is just warning though. Many are still USD believers, its still unsure whether this dedolarization will really dethroned USD.

You wanna be able to use your USD productively for investment like BTC or Gold to get a better return.

There has been a lot of talk lately about de-dollarization. Here you just need to approach this issue from the point of view of who benefits from it.
This is beneficial primarily to Russia and China, because tensions are growing sharply between these countries and the United States. After the Russian attack on Ukraine and the imposition of international sanctions against it, Russia was removed from the dollar and the euro. Of course, she is forced to look for an alternative to these currencies and therefore is more inclined to use the Chinese yuan.

China has long been conducting a covert economic and political struggle from the United States, and the use of currency in international transactions is of great importance.
I personally do not see any reason to abandon the dollar. It all depends on which side you choose in this confrontation.

Shit is real! US is going to experience it pretty soon. Saudi Arabia has already decided and announced to cut ties with US and BRICKS nations have agreed to buy oil using their own currency. So dollar is going to loose it's value.

I am personally not a fan of gold, but I maintain a decent percentage of paper gold in my portfolio. It's not an investment, rather gold is used for capital protection. US is probably going to start another war to maintain the supremacy of their petro dollar.

Since when do we consider the words of Peter Schiff as words from a sane person, let alone take them as a reference for making economic decisions such as stopping accepting the dollar.


This guy is a Bitcoin hater and a gold enthusiast (because he has gold related investments) and yet the gold hasn't stagnated ever since he called people to buy gold.

Don't take anything this man says seriously.

It is true that countries are starting to get rid of the dollar, but even the worst pessimists do not expect the dollar to collapse within 5 years.

Who are you referring to as "we"? Different countries have different situations and preparations so it will depend on who you're asking.

Birth pains during transition periods are usually present so that's one thing. The more severe impact of this is that US launching military wars against those who would cut ties to their beloved dollars. I can't really tell what exactly they will do but everyone probably knows what they're capable of when they're "threatened".

Peter Schiff may have a valid point about the future of the US economy and the dollar, but we gotta think about all the crazy impacts of Dedollarisation. If we just drop the dollar like it's hot, the whole world could go down the drain, especially since it's the reserve currency and all that jazz.

So here's the dealio, we gotta tread real careful when it comes to Dedollarisation, ya dig? But hey, let's not be afraid to take a walk on the wild side and check out other payment currencies, yo. The USD is pretty shaky, so it's about time we diversify our dough to avoid getting caught in the crossfire, you feel me? And hey, who knows, maybe this Dedollarisation thing could be the start of something big for countries out there, leading to some serious moolah.

I don't think it matters that de-dollarization will serve as a warning to the superpowers themselves. The reason is that the BRICS did oil transactions for the sake of leaving the US Dollar, based on GDP data of more than 26% in the world. This means that in other words the demand for US Dollars can fall by up to 26%, so the value of the Dollar will also fall.

Furthermore, looking at it from the point of view of the crisis experienced by the US some time ago which resulted in the collapse of banks. Even though the US government tries to convince its customers that their savings are still guaranteed from a bank rush or bank out. It's just that the guarantee is only short-term. Maybe 10 to 15 years of US Dollars will be left behind if the client's large assets are not provided with long-term collateral.

Therefore having anticipation is an action that needs to be taken. With the record of not completely releasing dollars but having investments in assets whose supply is limited. Whether it's gold, silver, land property, or even Bitcoin for the sake of having an exchange rate that can be switched at any time.

That's the thing. Countries will have their time on the economic limelight for a time being and then all of those will die down eventually, leaving nothing for a country but some profits and change but no foothold on the world stage in terms of stability that the US has for a long time. I think part of it also comes from the idea that a lot of countries have looked up to the US and that they cannot really sever their ties with the superpower. So even if other countries have better offers and can come up with better products for a better price, they'd still regard the US in a high value albeit the latter not really doing anything from them apart from just being their ally.


Yeah, those dollars are still worth something in the world market. You can trade other foreign currencies on the side but never dump your USD just yet.

I think the "de-dollarisation" is real since now we use EUR and YUAN more because the flow of goods is rarely from the US. It's not new, and I believe countries have been building portfolios of foreign currencies for more than 10 years ago. But each country has its own problem, and the dollar is still considered the most stable, about 60%.

Schiff has been preaching this issue for decades and nothing happens. This is because no country or alliance is stable enough, or more stable than the US. Even now when Russia, China, and India want to build their own currency, many are skeptical about the lifespan of the currency (if it's really realized). As the wise man said, "Partnership is bullshit." So the term "de-dollarisation" may not have the same meaning as Schiff said, well, he's a gold bug It's kind of the same as the centralization issue on BTC. It's beneficial to have more than one strong party and the goal is to have multiple strong parties competing against each other.

For now, don't get rid of your USD in exchange for gold (or whatever) because of Peter Schiff. It should come from the realization of there's a better alternative (which is currently none).

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We have seen lately how many individual bodies, government representative of different country's have been on the motion of finding another alternative to the US dollar, which many are already adopting to new international payment currency, why others are still using it to some point.

Read lots of article lately regarding Dedollarisation, my question here are:
Are we totally ready for the so called "DEDOLLARISATION" ?
Will there be any negative impact on the world economy if a hatch decision is being taken towards abandoning the USD for any alternative?