Dollar to get dumped ….
Dollars will be dumped globally as the globe shifts away from the U.S. dollar as a global reserve asset, resulting in a “tsunami of inflation” in the United States as the currency returns to American soil. In response, interest rates will rise, which will cause asset prices to “collapse,” ushering in Central Bank Digital Currencies (CBDCs) and The Great Reset.
Andy Schectman, president and owner of Miles Franklin and a specialist in monetary and economic history, predicts this bleak outcome. The BRICS (Brazil, Russia, India, China, and South Africa) alliance might lead the fight to build their own reserve currency that would compete with the U.S. dollar, according to Schectman, who has thirty years of expertise in the precious metals sector.
He claimed that the BRICS were uniting “against the dollar, the perceived hegemony and hypocrisy of the currency.” Assuming that one of the commodities is gold, it has previously been stated that the BRICS currency will be pegged to either gold or other commodities.
The creation of a currency other than the US dollar is one of the agenda issues for the BRICS summit in August in Durban, South Africa.
According to Schectman, the “weaponization” of the dollar during the Russian war with Ukraine has accelerated the urge to “dump” dollars. Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News. The removal of Russia from the SWIFT payment system and Western sanctions against it, according to his argument, have had a chilling effect and discouraged other countries from using the dollar.