CNN and Fox News are warning their audiences to brace for the removal of the dollar as the world reserve currency amid other nations shifting to alternative currencies.
CNN’s “GPS” host Fareed Zakaria on Sunday claimed Biden’s weaponization of the dollar against Russia combined with America’s “bad geopolitical habits” is threatening to dethrone the U.S. from its world reserve status.
“Washington’s weaponizing of the dollar over the past decade has led many important countries to search for ways to make sure that they do not become the next Russia,” Zakaria said, adding that other countries are trying to avoid the SWIFT system and are seeking refuge in China’s yuan.
If the US dollar’s global supremacy erodes, America will face a reckoning like none before.
My take: pic.twitter.com/yxTz16bi3N
— Fareed Zakaria (@FareedZakaria) March 26, 2023
Likewise, Fox News ran a segment Monday explaining how the economic alliance known as BRICS (Brazil, Russia, India, China and South Africa) may be expanding by as Saudi Arabia weighs joining the bloc.
FOX NEWS: The End of the US Dollar Is Here
— Benny Johnson (@bennyjohnson) March 27, 2023
“What happens if our economy and the U.S. Dollar are no longer the world’s dominant currency?” asked host Will Cain.
Former Assistant Treasury Secretary under Trump Monica Crowley answered that if the U.S. Dollar was no longer the world’s reserve currency, “that would mean the end of the U.S. Dollar.”
“Having that status has been a real privilege, but we’ve abused that privilege by wholly reckless monetary and fiscal policies over many years, certainly over the last couple of years, which has really devalued the dollar,” she said.
“On top of that, now do have this perfect storm of Biden’s weakness, his war on domestic energy production, the Ukraine war, and…because of all these things, we’ve got America’s enemies led by China forming a new economic bloc.”
Crowley added that all it would take for the dollar to be removed from world reserve status leading to “Weimar Republic” inflation in America would be if Saudi Arabia, a major oil producer, joined the BRICS nations.
“If that were to happen, there would be a complete implosion of the global economic system, but certainly the American economic system,” she said.
“And if that were to happen, you’d be looking at sky-high inflation, just raging Weimar Republic kind of inflation. If you think inflation is bad now, just wait.”
“But more importantly, we would lose our economic dominance and we would lose our superpower status,” she added.
Unfortunately, economist Peter Schiff explained that’s exactly what’s on the horizon for America given the current geopolitical and economic trajectory.
“The petrodollar’s days are numbered,” he tweeted Monday in reaction to Saudi Arabia’s recent announcement it will be investing in Chinese oil refineries.
The petrodollar’s days are numbered. China will not likely be paying for Saudi oil in U.S. dollars. https://t.co/tINOWaTD8h
— Peter Schiff (@PeterSchiff) March 27, 2023
This is likely the “change” Xi meant when he told Putin last week that China and Russia were “driving” global change that “has not happened in 100 years.”
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