Peter Schiff and Mike Adams discuss the banking failures and what that means for the economy, inflation, and currencies. Recorded 3/17/23 on Brighteon.
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LEARN MORE ABOUT: Bank Failures
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The US Dollar Will Join the Zimbabwe Dollar in the Graveyard of Dead Fiat Currencies
The global financial landscape is a complex web of currencies and exchange rates, with some currencies holding much more weight and power than others. However, history has shown us time and time again that no currency is immune to the forces of inflation, mismanagement, and ultimately, collapse. The latest addition to the graveyard of dead fiat currencies may be none other than the once-almighty US dollar.
While it may seem far-fetched to suggest that the US dollar, the world’s reserve currency, could suffer a fate similar to the infamous Zimbabwean dollar, there are warning signs that cannot be ignored. The causes of a currency’s demise may vary, but they often share common characteristics such as excessive money printing, soaring debt levels, and loss of confidence.
In the case of Zimbabwe, hyperinflation wreaked havoc on its currency, rendering it virtually worthless. The country’s central bank printed money at an alarming rate to fund its unsustainable spending, resulting in prices doubling every few hours. Inflation reached a mind-boggling peak of 89.7 sextillion percent in November 2008, spelling doom for the Zimbabwean dollar.
Similarly, the United States finds itself grappling with soaring debt levels and a seemingly insatiable appetite for printing money. Over the past year, the COVID-19 pandemic has resulted in unprecedented levels of government spending and stimulus packages, leading to a ballooning national debt. This spending spree combined with the Federal Reserve’s monetary policies may set the stage for future economic turbulence.
The US dollar’s status as the world’s reserve currency has shielded it from immediate consequences, as countries continue to hold large amounts of dollars in their reserves. However, cracks in the dollar’s dominance are starting to show. Major countries like China, Russia, and even some European nations have been actively seeking alternatives to the US dollar, diversifying their reserves and reducing dependence on the greenback.
One key factor contributing to the potential demise of the US dollar is the erosion of trust in the American government’s ability to manage its finances responsibly. The mounting debt, coupled with political gridlock and uncertainty, has created doubt over the long-term stability of the currency. As investors seek safer alternatives, the US dollar could lose its reserve status, leading to a downward spiral that could mirror Zimbabwe’s currency collapse.
Furthermore, the rise of decentralized digital currencies such as Bitcoin poses a significant challenge to the dominance of fiat currencies. Cryptocurrencies provide an alternative form of money that is not controlled by any government or central bank, offering the promise of stability and security in an increasingly uncertain world. As more people embrace digital currencies, the demand for traditional fiat currencies, including the US dollar, could decline further.
While it is impossible to predict the future with certainty, one cannot simply dismiss the possibility of the US dollar joining the graveyard of dead fiat currencies. Historical precedents and current economic trends point to potential trouble ahead. The fate of the US dollar may hinge on policymakers’ ability to address underlying structural issues and restore faith in the country’s economic management.
In conclusion, the notion of the US dollar ultimately becoming another victim in the graveyard of dead fiat currencies bears serious consideration. As history has proven, no currency is immune to the devastating effects of inflation and mismanagement. The US must heed the warning signs and take decisive action to safeguard its currency’s future. Failure to do so may result in a fate eerily reminiscent of the Zimbabwean dollar, forever relegated to the annals of financial history.
Janet Yellin is the white KJP deep bullshit in slow motion.
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
I'm pleased to see how well this video is performing!
I'm still buying Bitcoin. Physical gold can be confiscated. Bitcoin, not as easy.
If Im in SA can i also buy in your developing markets funds
As a Zimbabwean this definitely brings back nightmares. People don’t realize how good they have it until it’s gone. People be ready. We didn’t think we could get to this level. America be warned.
Hyperinflation will be a good thing. Most people are overweight or obese
Mexico is going to learn a hard lesson when they join the BRICS, you have every right to join that orginization, but you won't continue to make TRILLIONS of dollars pumping drugs into the United States. You can't have your cake and eat it too !!
Maybe not dollar itself, but other fiat currencies, such as Japaneese yen, they really are doomed. I have half rubles on 4% deposit and half gold.
Yes Schiff you are ahead our time over 25 year ago.very smart.
Everything was priced in from 2018 to 2020. Mar 2020 was the recession priced in. For the hundredth time they told us it was a virus and for the hundredth time you bought it. Now your awake to it and waiting for a star to fall. The doom was already priced in
Now Adam's has floped over and says Powell is a good guy and will save the dollar.
Time to buy more Bitcoin
Except gold intrinsic value is based on the luxury and “finiteness” of that – which is why Bitcoin has value and the dollar could always reverse by controlling money supply . The death of fiat is truly in control of the US policy – imagine transacting in gold a heavy metal where storage makes it difficult to transact in . Digital is next. You don’t need it backed by a metal, the finiteness of what drives value
Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.
US can ask Zimbabwe for Mugabe's corpse – surely it will do a better job than the FPOTUS joyByeden…
Where is Max Kaiser? I haven't heard from him lately!
Jesus answered, “I am the way and the truth and the life. No one comes to the Father except through Me." —John 14:6
Why are you hosting this interview on your own channel
This guy doesn't even have his own channel?
I'm an old school Peter Schiff gold bug, and you are wrong. People already use Bitcoin, I'm one of them. Gold and silver will be for Boomer's
zim has pegged their currency to gold, though
Since there is no way I’m ever going to get ss maybe we should look into a different investment for the individual, it’s not fair to pay and not receive it in my retirement
the zimbabwe currency will rise again , when the us doller goes to grave
Infowars??? Any one who believes anything that infowars spews needs to discover reality
Sell the dollar and buy the Yuan!
Where is Biden when all of these are happening. We need Trump.