Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar
Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the top five emerging economies – Brazil, Russia, India, China and South Africa, collectively known as the BRICS countries – are “combining against the dollar.” Shektman believes that de-dollarization “seems to be spinning much, much faster” as of 2022.
Dedollarization and CBDCs: Financial Historian Suggests Big Reset Is Inevitable
IN interview published February 16, 2023, Miles Franklin chief executive Andy Schectman discussed his economic outlook with Michelle Macori, lead anchor and editor-in-chief of Kitco News. Shektman expects most of the world to abandon the US dollar and also predicts an “inflation tsunami”. As inflation rises, Schektman assumes that the interest rate set by the US Federal Reserve will continue to rise, and a “crash” in asset prices will soon follow.
Schektman’s opinion is similar to that of Lynette Zang, chief market analyst at ITM Trading, in a recent interview with Kitco’s Makori. Like Zang, Schectman anticipates an economic collapse and suggests that the time will come for a Great Reset with the introduction of Central Bank Digital Currencies (CBDCs). Schectman says the US dollar was weaponized in 2022, and as a result, de-dollarization “seems to be happening much, much faster.” Executive director and financial historian Miles Franklin believes that the BRICS countries are “uniting against the dollar.”
“Whatever it takes,” Shektman said. “It would be for Saudi Arabia to take the stage [and declare] now we are going to consider using other currencies in exchange for oil. And suddenly, bam, all the countries that were supposed to hold dollars for the last fifty years are no longer interested in holding them. And if they all start dumping dollars, and I think it will happen quickly, then a tsunami of inflation will hit the shores of the West.” Schectman told Makori that when asset prices collapse, CBDCs will be deployed. Shektman insisted:
That is when they will come and launch their new CBDC. This gives them cover to roll it up.
Recently, Saudi Arabia has expressed interest in joining the BRICS countries, and the Kingdom’s Finance Minister Mohammed Al-Jadaan said at a recent World Economic Forum event that Saudi Arabia is open to trading in currencies other than the US dollar. Last June, Russian President Vladimir Putin announced the creation of a new international reserve currency at the 14th BRICS summit. Against the backdrop of this news, tensions between Russia and China, as well as the United States, continue to escalate.
What do you think about the potential impact of de-dollarization and CBDC growth on the global economy? Share your opinions and ideas in the comments section below.
Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.
Credit : news.bitcoin.com