Dollar Doomed? Schiff Sounds the Alarm 🚨

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Oh dear. It appears the U.S. dollar is allegedly ‘hurtling’ towards collapse. Apparently, American living standards are about to be obliterated. This is according to someone (an economist, naturally) who probably spends their days polishing gold bricks and muttering about the good old days when money was, well, actually gold. Deficits are, as always, soaring. Inflation? It bites. And emerging markets? They’re gaining momentum, which is terribly inconvenient if you’re attached to the current world order. Typical.

US Dollar Collapse Will Impoverish the Vast Majority of Americans, Peter Schiff Warns (Probably)

Economist and enthusiastic proponent of shiny metal, Peter Schiff, has been having a bit of a grumble on that social media platform formerly known as Twitter – now just “X,” because apparently, letters are *so* last century. He’s warning that the current state of U.S. trade and ‘fiscal policy’ (a phrase guaranteed to induce yawning in most people) is accelerating the dollar’s decline and generally making things worse. It’s a bit like watching a particularly slow-motion disaster, isn’t it?

“The U.S. dollar is on the verge of collapse, which will impoverish the vast majority of Americans whose living standards depend on the overvalued dollar,” he wrote on August 6th. Honestly, it’s good to see someone is still using a calendar. In a follow-up post, Schiff had a go at the bright idea of slapping a 50% tariff on imports from India. Because nothing says “economic prosperity” like making everything more expensive. He explained:

A dollar crash will impoverish Americans but enrich foreign consumers, particularly the BRICS. The death of the U.S. consumer means the birth of the emerging market consumer. 👶 It’s practically a Darwinian struggle of the purchasing power.

BRICS, which now sounds like a building material, is comprised of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, and Indonesia. They’ve decided to become quite influential in 2025, which really puts the cat among the pigeons. They’re trying to use fewer of those pesky U.S. dollars, which is causing a bit of a kerfuffle. President Donald Trump (yes, *that* one) is threatening tariffs, because, well, that’s what presidents do, isn’t it? BRICS are also getting cozy with Nigeria and Vietnam, probably swapping economic strategies and recipes for spicy cuisine. 🌶️

According to Schiff, this all reveals “deep vulnerabilities” in the U.S. economic model. Which, if you’ve been paying attention for the last few decades, is hardly news. It could lead to a “long-term shift in global demand”, which is economist speak for “things might be different”.

His warnings highlight the slightly worrying fact that the dollar isn’t quite as universally loved as it used to be. Schiff claims that borrowing (and borrowing, and borrowing) coupled with inflated asset values (bubbles, basically) poses a “significant risk” to household stability. He’s pointing out that the government isn’t exactly balancing the books, which means rising deficits and inflation could continue to… well, make everything more expensive. And that, dear reader, is generally considered bad. He reckons this might encourage people to invest in nations that aren’t quite so economically challenged. 🤔

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2025-08-08 07:58