Expert predicts looming economic collapse as BRICS nations unite against dollar – Economics
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 “converging against the dollar”. Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.”
De-dollarization and CBDCs: Currency historian suggests a major rebalancing is imminent
In an interview published on February 16, 2023, Miles Franklin executive Andy Schectman discussed his economic forecasts with Michelle Makori, the senior anchor and editor-in-chief of Kitco News. Schectman expects much of the world to abandon the US dollar, and he also says a “tsunami of the inflation” in advance. As inflation rises, Schectman suggests that the interest rate set by the US Federal Reserve will continue to rise and a “collapse” in asset prices will soon follow.
Schectman’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 meltdown and suggests it will be time for a major reset that will see central bank digital currencies (CBDCs) rolled out as a result of which de-dollarization appears to be “spinning much, much faster.” Financial historian Miles Franklin believes that the BRICS countries are “converging against the dollar”.
“Anything that would be necessary,” Schectman said. “It would be for Saudi Arabia to step on the stage [and declare] We will now consider including other currencies for oil. And suddenly, bang, all the countries that have had to hold dollars for the last fifty years are no longer interested in holding them. And if they all start shedding dollars, which I think would happen quickly, a tsunami of inflation would hit the shores of the west.” Schectman told Makori that CBDCs would be deployed when asset prices collapse. Schectman insisted:
Then they came in and introduced their new CBDC. This gives them cover to roll it up.
Recently, Saudi Arabia has shown interest in joining the BRICS countries, and the kingdom’s finance minister, Mohammed Al-Jadaan, said at the recent World Economic Forum event that Saudi Arabia is open to trading currencies other than the US Dollar. Last June, at the 14th BRICS summit, Russian President Vladimir Putin announced the creation of a new international reserve currency. Amid this news, tensions between Russia and China and the United States continue to escalate.
What are your thoughts on the potential impact of de-dollarization and the rise of CBDCs on the global economy? Share your opinions and insights in the comments section below.
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Source: Crypto News Deutsch
