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Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies—Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations—are “coalescing against the dollar.” Schectman believes that since 2022, de-dollarization “seems to be spinning much, much faster.”
De-Dollarization and CBDCs: Monetary Historian Suggests a Great Reset Is Imminent
In an interview published on Feb. 16, 2023, Miles Franklin executive Andy Schectman discussed his economic predictions with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. Schectman expects a large portion of the world to abandon the U.S. dollar and he also predicts a “tsunami of inflation.” With rising inflation, Schectman suggests that the interest rate set by the U.S. 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 expects an economic collapse and suggests that it will be the time for a Great Reset to take place, with central bank digital currencies (CBDCs) being ushered in. Schectman says that the U.S. dollar was weaponized in 2022, and as a result, de-dollarization “seems to be spinning much, much faster.” The Miles Franklin executive and monetary historian believes that the BRICS nations are “coalescing against the dollar.”
“All it would take,” Schectman said. “Would be for Saudi Arabia to stand up on the stage [and declare] we’re now going to consider taking up other currencies for oil. And all of a sudden, bang, all of the countries that had to hold dollars for the last fifty years, no longer have an interest in holding them. And if they all start to dump dollars, and I think it would happen quickly, you would have a tsunami of inflation hitting the shores of the West.” Schectman told Makori that when asset prices collapse, CBDCs would be deployed. Schectman insisted:
That’s when they would come in and roll out their new CBDC. This gives them cover to roll it in.
Recently, Saudi Arabia has shown interest in joining the BRICS nations, and the kingdom’s finance minister, Mohammed Al-Jadaan, said at the recent World Economic Forum event that Saudi Arabia is open to trading in currencies other than the U.S. dollar. In June of last year, Russian President Vladimir Putin announced the creation of a new international reserve currency at the 14th BRICS Summit. 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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