The five largest emerging economies—Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations—are “coalescing against the dollar,” according to Andy Schectman, CEO of Miles Franklin Precious Metals Investments, who also thinks that de-dollarization “seems to be spinning much, much faster” as of 2022.
Andy Schectman, a Miles Franklin executive, spoke with Kitco News main anchor and editor-in-chief Michelle Makori about his economic forecasts in an interview that was released on February 16, 2023. Schectman sees a “tsunami of inflation” in addition to a significant section of the world abandoning the U.S. dollar.
Schectman advises that the U.S. interest rate established in light of rising inflation be increased. Federal Reserve will keep increasing, and asset values will shortly “crash.”
In a recent interview with Kitco’s Makori, Lynette Zang, chief market analyst at ITM Trading, expressed a similar viewpoint to Schectman’s. Schectman, like Zang, predicts an economic collapse and contends that it will mark the beginning of a Great Reset and the introduction of central bank digital currencies (CBDCs). According to Schectman, de-dollarization “looks to be spinning much, much quicker” as a result of the weaponization of the American dollar in 2022.
The monetary historian and executive Miles Franklin thinks the BRICS countries are “coalescing against the dollar.”
All that would be necessary, Schectman said. “It would be for Saudi Arabia to take the stage and proclaim that they are now going to think about using alternative currencies in exchange for oil. And now, all of the nations that had to keep dollars for the previous 50 years have lost interest in doing so. And if they all decide to sell their dollars, which I believe would happen rapidly, you’d have a wave of inflation washing up on the Western coast.
When asset prices fall, Schectman predicted to Makori, CBDCs would be used. That’s when they would enter and introduce their new CBDC, Schectman insisted, and this offers them cover to do so.
The kingdom’s finance minister, Mohammed Al-Jadaan, stated at a recent World Economic Forum event that Saudi Arabia is open to trade in currencies other than the U.S. dollar. Saudi Arabia has recently expressed interest in joining the BRICS nations.
At the 14th BRICS Conference in June of last year, Russian President Vladimir Putin announced the creation of a new global reserve currency. As a result of these developments, tensions between China, Russia, and the United States are only becoming worse.
A body of facts suggests that the BRICS countries are about to enter a period of extremely favorable times. All the states in question have shown to be resistant to the financial crisis, perhaps with the exception of Russia. Their economies continue to grow rapidly and sustainably. Each of the nations stands alone as a significant regional military force, able to support its goals through military presence or intervention in the event of any intrusion into its defined area of interest.
India, China, and Russia are independent nuclear-armed states. According to Pawski (2011), South Africa has nuclear weapons as of the late 1970s. Brazil did had a nuclear weapons program from 1975 to 1988, but the outcomes are still unknown. The BRICS countries have enormous human capital resources, including tens of millions of students, scientists, and specialists in every field imaginable.
In addition, the BRICS countries own a sizeable portion of the world’s most valuable natural resources, including as oil, natural gas, uranium, gold, and diamonds.
BRICS Is Not Only Growing Globally Into A Juggernaut, It’s About To Flip The Switch |
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