“Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat frankly in 200 years,” remarked Donald Trump, making headlines recently.
He was mocked by Democrats and members of the mainstream media.
Yet he was accurate.
🇺🇸💸📉 — Former US President Donald Trump at Mar-a-Lago:
— Our currency is crashing and will soon no longer be the world standard, which will be our greatest defeat in 200 Years pic.twitter.com/222CMiuOpd— dana (@dana916) April 5, 2023
The front-runner for the Republican candidacy in 2024, Donald Trump, has expressed frank criticism of the status of the American economy.
A number of nations have begun to settle international trade in their own currencies and are gradually moving away from the dollar. The recent de-dollarization movement has gained momentum, particularly in the wake of the Russia-Ukraine conflict that broke out on February 24, 2022.
BRICS, a group of countries led by China and Russia, announced during a recent summit in South Africa that they will keep looking for ways to get around the currency.
And should they be successful, this might be the last straw that destroys the dollar’s standing as the world’s reserve currency, sending the United States into an economic collapse comparable to or worse than the Great Depression.
In an effort to lessen reliance on the US dollar, Malaysia has also suggested the establishment of an Asian Monetary Fund. President Xi Jinping of China praised the concept put out by Malaysian Prime Minister Anwar Ibrahim and promised to talk about it more.
China and Brazil have agreed to replace US dollars in commercial dealings with their own currencies.
Also, India has been contacting other nations to resolve issues related to international trade in Indian rupees. As of now, 18 nations—including the UK, Malaysia, Germany, Russia, and UAE—are authorized to transact in Indian rupees.
In February, renowned economist Nouriel Roubini—dubbed “Dr. Doom” by Wall Street—predicted that the Indian rupee may eventually rank among the world’s reserve currencies.
“One can see how the rupiah could become a vehicle currency for some of the trade that India does with the rest of the world, especially South-South trade,” Roubini said, issuing a warning that the dollarization process will eventually come to an end.
“It (Indian rupee) could be a unit of account, it could be a means of payment, it could become a store of value. Certainly, rupiah over time could become one of the variety of global reserve currencies in the world,” the economist added.
As the nation is being rocked by homelessness, unemployment, bankruptcy, poverty, and hyperinflation, far too many Americans will be taken by surprise as their personal finances collapse and their aspirations for the future vanish.
You and your family do, however, have the advantage of KNOWING that this is a possibility.
Also, you can get ready for any possible consequences.
Diversifying your 401(k) or IRA holdings into actual gold is one way. Through an account known as a “Self-Directed” Gold IRA, this is feasible.
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