Economist Peter St Onge just issued a major warning on the fate of the US dollar and the quality of life in America.
In a new market update, St Onge says widespread de-dollarization is not a fear for the future.
Instead, the economist says a “stunning collapse” is already well underway, with the dollar’s share of global reserves falling from 73% in 2001 to 47% in 2021.
St Onge says American sanctions are now fueling the flame, citing the fact that the US froze $300 billion in Russian central bank dollars after the country instigated war with Ukraine.
He believes a global realization of the sanctions risk is leading nations to further move away from the dollar and towards alternative stores of value, such as gold and the euro.
And if the trend is not reversed, St Onge says a total collapse in the quality of life for average Americans will occur.
“If the US dollar does continue on this path, we will see soaring inflation, a catastrophic fallen American standard of living, and a US that falls off the world stage. Not by choice but by necessity – all of it, 100% our own making…
The dollar plunged 8 percentage points in share in a single year to just 47%, so we lost about double the entire share of the Chinese yuan. And at that pace, the U.S. dollar would be eclipsed in about six years.”
The warning comes as Argentina becomes the latest country to move away from the US dollar and toward the Chinese yuan.
The financially-troubled nation will now pay for Chinese imports in yuan rather than dollars, reports Reuters.
Meanwhile, a group of strategically-aligned nations known as BRICS is reportedly working to create a new currency that does not rely on USD.
BRICS stands for Brazil, Russia, India, China, and South Africa, and at least six additional countries are now looking to join the alliance.
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