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

[DrBeer]

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 .....

[darewaller]

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.

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.

[Gyfts]

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.

[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?

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

[Broly46]

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.

[NotATether]

OK boomer.

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.

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.

[Wong Gendheng]

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.

[iv4n]

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.
...

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.

[DrBeer]

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

[Nwada001]

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.

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. 

[DrBeer]

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.

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?

[Argoo]

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.

[DrBeer]

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.

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"?

[royalfestus]

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.

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.

[pixie85]

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.

[electronicash]

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.

[DrBeer]

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.

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? 

[el kaka22]

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.

[firesurfer]

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.

[Freddie Boyer]

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.