US Dollar Doesn’t Deserve to Be Reserve Currency (Video)

Russia Today spoke with Peter Schiff about the United States’ international spy activity and what effect it will have on the strength of the US dollar.

[Europe is not economically dependent on the US.] I think it is the other way around – the US is very dependent on the rest of the world. It is just incumbent on the rest of the world to figure that out. But the US dollar is still functioning as a reserve currency, so the dollar is a part of larger transactions but there is no reason for the dollar to be at the center of these transactions because the dollar shouldn’t be a reserve currency. Maybe at one time when we were the world’s largest exporter, as far as biggest trade surpluses, we had high savings rates, and the dollar was backed by gold. [At] one time maybe the dollar deserved to be a reserve currency, but certainly those conditions have changed dramatically.”

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