CENTRAL BANKS AROUND THE WORLD ANTICIPATING A DOLLAR COLLAPSE ANY DAY NOW
CENTRAL BANKS AROUND THE WORLD ANTICIPATING A DOLLAR COLLAPSE ANY DAY NOW
By Jai Hamid – Crytopolitan.com
March 21, 2024
Central banks globally are hoarding gold, hinting at worries over the US dollar’s stability.
The move is led by BRICS nations, aiming to lessen their reliance on the dollar in international trade.
Gold is being amassed as a strategic asset against potential dollar depreciation and a broader financial shift.
The global stage is brimming with tension, and it’s not the kind that just ends when the credits roll. No, this suspense is way heavier and could hit your wallet like a ton of bricks.
Central banks all over the world are stockpiling gold like there’s no tomorrow, cementing our expectations that the era of the US dollar’s dominance could be nearing a dramatic climax. I’m talking about its death, guys. Finally.
With the BRICS steadfast on its mission to kill the dollar, financial experts like Peter Schiff are now starting to picture a world where the dollar isn’t needed.
A Golden Hedge Against Dollar Dominance
Let’s dive in. Over the past year, the gold market has become hotter than a summer blockbuster, with countries acquiring it faster than fans at a surprise concert. The motive is a solid backup plan against the powerful dollar’s fluctuations and a strategic move to diversify assets. The heavyweight champion in this gold rush is, of course, China. It’s like they’ve got a golden touch, dominating the scene and subtly hinting at the dollar’s timely curtain call.
The BRICS are all about shaking up the currency mix in international trade, giving more air time to local currencies, and maybe even crafting their very own superstar currency. And gold just happens to be the backbone of their mission to usher us all into a world where the dollar, and by extension America, doesn’t call all the shots.
Peter Schiff reckons that central banks aren’t just picking up gold for its bling. Nope, they’re gearing up for a scenario where the dollar takes a nosedive. Schiff puts it bluntly. The U.S. is blissfully unaware of the incoming storm, with its debt ticking away like a time bomb, while other countries are making moves to shield themselves from the fallout.
The U.S. debt clock is ticking past $34 trillion, a number so high it’s actually unthinkable. Meanwhile, the BRICS are like the cool kids at the party, ditching the dollar in their transactions and betting big on gold. Schiff points out that it’s a savvy play to stay ahead of a dollar decline and the whisperings of a sovereign debt crisis.
The Dollar’s Starring Role in a Shifting Global Economy
Switching gears, let’s talk about the home front. The U.S. economy seems way too confident, unfazed by the de-dollarization plans and its crippling debt. Unemployment claims are doing the limbo, sales of pre-owned homes are bouncing back, and the overall economic vibe is upbeat. On paper at least. The Federal Reserve decided to keep interest rates steady, with hints of future cuts. Powell, quite literally, said, “Crisis? What crisis?”
But the labor market’s resilience has this dynamism that halts plans of easing monetary policy, making it a bit trickier to navigate. Even with some industries experiencing layoffs, the overall data is one of strength and stability, with employers clinging to their workforce like a lifeline. Probably cause they are.
The housing market, beaten by the Fed’s inflation-fighting strategies, is now showing signs of life, offering a glimmer of hope for the spring selling season. Despite a tighter supply and soaring prices pushing some buyers to the sidelines, there’s a [hopeless?] expectation that things could be looking up.
Technically, the U.S. is still outpacing its global counterparts, thanks to all of that. But as the world’s central banks load up on gold and strategize for a zero dollar-dependent future, it’s a reminder that the global economy is far from one-dimensional.