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

[Orpichukwu]

Gold bug and economist Peter Schiff has urged U.S. dollar holders to get rid of their USD now. He tweeted Friday:
"How much clearer does the writing on the wall need to be? Get rid of your U.S. dollars now, while there’s still enough people who still can’t read it."

"The dollar’s reserve currency status is in jeopardy, as is the American standard of living that depends on it. The best move you can make to mitigate your personal loss is to divest of dollars and dollar-denominated financial assets".

The economist has repeatedly issued warnings about the state of the U.S. economy and the looming devaluation of the U.S. dollar. In a recent tweet, he cautioned that the U.S. economy is “poised on the biggest economic disaster in its history,” emphasizing that we are on the cusp of a financial crisis that will be bigger than the last one.

Schiff also tweeted Thursday:
"Soon everyone in America will be a multi millionaire. But don’t get too excited. Chewing gum will sell for over $1,000 per pack and all those higher taxes meant to soak today’s millionaires and billionaires will drench tomorrow’s middle class".

source

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?

[mu_enrico]

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).

[dothebeats]

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.

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.

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).

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.

[naira]

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.

[concept2]

Gold bug and economist Peter Schiff has urged U.S. dollar holders to get rid of their USD now. He tweeted Friday:
"How much clearer does the writing on the wall need to be? Get rid of your U.S. dollars now, while there’s still enough people who still can’t read it."

"The dollar’s reserve currency status is in jeopardy, as is the American standard of living that depends on it. The best move you can make to mitigate your personal loss is to divest of dollars and dollar-denominated financial assets".

The economist has repeatedly issued warnings about the state of the U.S. economy and the looming devaluation of the U.S. dollar. In a recent tweet, he cautioned that the U.S. economy is “poised on the biggest economic disaster in its history,” emphasizing that we are on the cusp of a financial crisis that will be bigger than the last one.

Schiff also tweeted Thursday:
"Soon everyone in America will be a multi millionaire. But don’t get too excited. Chewing gum will sell for over $1,000 per pack and all those higher taxes meant to soak today’s millionaires and billionaires will drench tomorrow’s middle class".

source

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?

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.

[Yogee]

[...]
Are we totally ready for the so called "DEDOLLARISATION" ?

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

Will there be any negative impact on the world economy if a hatch decision is being taken towards abandoning the USD for any alternative?

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".

[Husires]

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.

[avikz]

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.

[Ozero]

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.

[cabron]

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.

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.

[Hispo]

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.

[aoluain]

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.

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.

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.

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.

[hatshepsut93]

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?

Even now when Russia, China, and India want to build their own currency

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.

[yhiaali3]

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.

[Don Pedro Dinero]

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.

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.

[Darker45]

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.

[slapper]

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.

[davis196]

Are we totally ready for the so called "DEDOLLARISATION" ?

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".

[Fiatless]

Will there be any negative impact on the world economy if a hatch decision is being taken towards abandoning the USD for any alternative?

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.

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.

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.

[KiaKia]

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.