Former assistant secretary of the U.S. Department of the Treasury, Monica Crowley, who served under Donald Trump, is sounding the alarm on a possible collapse of the U.S. dollar.
She explained that if Saudi Arabia were to begin trading oil in currencies other than the U.S. dollar, we would see a “complete implosion” of both the American and global economic system. We would gave “raging inflation,” the “end of the U.S. dollar,” as well as “the loss of your individual economic freedom.”
Our world as we know it would cease to exist.
“They’re setting it up so that they can then come to the rescue by introducing central bank digital currencies,” Crowley warned, noting that such a development would mean “the government will have total access and control of everything you buy and sell and the ability to turn it off like that,” as she snapped her fingers.
While discussing the possible disaster on the Fox and Friends Weekend show, Fox News host Will Cain pointed out the relationship between Russia and China, and how it appears to be strengthening.
He also explained how Iran and Saudi Arabia are considering joining the BRICS economic alliance, which includes Brazil, Russia, India, China and South Africa.
“What happens if these emerging economies move away from the U.S. dollar towards the Chinese yuan?” Cain asked the former treasury secretary.
“It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency,” Crowley replied.
Since the U.S. dollar is not backed up by any hard asset such as gold anymore, its strength lies in the “economic power of the United States, and the fact that oil has always been traded in dollars. If that were to end, that would mean the end of the U.S. dollar,” she continued.
Crowley noted how U.S. government officials have abused the power of having the world’s reserve currency with “wholly reckless monetary and fiscal policy … printing money like crazy,” which really ramped up in “the last couple of years, which has really devalued the dollar.”
“On top of that now, you do have this perfect storm of Biden’s weakness, his war on American domestic energy production, the Ukraine war, and as you point out, because of all of these things, we’ve got America’s enemies led by China forming a new economic bloc,” she said.
Crowley warned, “if Saudi Arabia decides to join with America’s enemies here and start trading oil in different currencies, that is going to undermine the entire global economic system.”
“If that were to happen, you’d be looking at sky-high inflation just raging Weimar Republic kind of inflation. If you think inflation is bad now, just wait. But more importantly, we would lose our economic dominance and we would lose our superpower status,” she said.
And if we lose that status, they will then “come to the rescue by introducing central bank digital currencies. If they were to do that, and the United States already has a pilot program, that means the loss of your individual economic freedom, because the government will have total access and control of everything you buy and sell and the ability to [instantaneously] turn it off.”
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