Is the US losing its grip on the world? And could the dollar ultimately be dethroned from its spot as the world’s reserve currency?
We’ve reported extensively on countries working to undermine dollar hegemony and reduce the United States’ ability to weaponize the dollar as a foreign policy tool, along with the global gold rush on the part of central banks. Last week, Peter Schiff appeared on RT, along with former Pentagon official Michael Maloof, to talk about the world’s growing frustration with America. Peter said countries worldwide are ready to dump the US.
We’ve reported extensively on the central bank gold-buying spree that has been going on for nearly two years. Russia and China have led the way, along with several other countries including Turkey, Kazakstan, India and Poland.
Central banks are buying gold to diversify reserves and minimize exposure to the dollar. This has been the mainstream narrative and it’s true. But China and Russia have a bigger geopolitical objective. They want to undermine dollar hegemony and reduce the United States’ ability to weaponize the dollar as a foreign policy tool.