{"id":21122,"date":"2023-02-20T14:06:31","date_gmt":"2023-02-20T22:06:31","guid":{"rendered":"https:\/\/coinnetworknews.com\/expert-predicts-looming-economic-collapse-as-brics-nations-unite-against-the-dollar-economics-bitcoin-news\/"},"modified":"2023-02-20T14:06:31","modified_gmt":"2023-02-20T22:06:31","slug":"expert-predicts-looming-economic-collapse-as-brics-nations-unite-against-the-dollar-economics-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/expert-predicts-looming-economic-collapse-as-brics-nations-unite-against-the-dollar-economics-bitcoin-news\/","title":{"rendered":"Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar \u2013 Economics Bitcoin News"},"content":{"rendered":"
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\n\"Expert\n<\/div>\n

Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies\u2014Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations\u2014are \u201ccoalescing against the dollar.\u201d Schectman believes that since 2022, de-dollarization \u201cseems to be spinning much, much faster.\u201d<\/strong><\/p>\n

De-Dollarization and CBDCs: Monetary Historian Suggests a Great Reset Is Imminent<\/h2>\n

In an interview<\/a> published on Feb. 16, 2023, Miles Franklin executive Andy Schectman discussed his economic predictions with Michelle Makori, the lead anchor and editor-in-chief at Kitco News. Schectman expects a large portion of the world to abandon the U.S. dollar and he also predicts a \u201ctsunami of inflation.\u201d With rising inflation, Schectman suggests that the interest rate set by the U.S. Federal Reserve will continue to rise and a \u201ccollapse\u201d in asset prices will soon follow.<\/p>\n

\"Expert<\/p>\n

Schectman\u2019s opinion is similar to that of Lynette Zang, chief market analyst at ITM Trading, in a recent interview<\/a> with Kitco\u2019s Makori. Like Zang, Schectman expects an economic collapse and suggests that it will be the time for a Great Reset<\/a> to take place, with central bank digital currencies (CBDCs) being ushered in. Schectman says that the U.S. dollar was weaponized in 2022, and as a result, de-dollarization \u201cseems to be spinning much, much faster.\u201d The Miles Franklin executive and monetary historian believes that the BRICS nations<\/a> are \u201ccoalescing against the dollar.\u201d<\/p>\n

\u201cAll it would take,\u201d Schectman said. \u201cWould be for Saudi Arabia to stand up on the stage [and declare] we\u2019re now going to consider taking up other currencies for oil. And all of a sudden, bang, all of the countries that had to hold dollars for the last fifty years, no longer have an interest in holding them. And if they all start to dump dollars, and I think it would happen quickly, you would have a tsunami of inflation hitting the shores of the West.\u201d Schectman told Makori that when asset prices collapse, CBDCs would be deployed. Schectman insisted:<\/p>\n

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That\u2019s when they would come in and roll out their new CBDC. This gives them cover to roll it in.<\/p>\n<\/blockquote>\n

Recently, Saudi Arabia has shown interest<\/a> in joining the BRICS nations, and the kingdom\u2019s finance minister, Mohammed Al-Jadaan, said<\/a> at the recent World Economic Forum event that Saudi Arabia is open to trading in currencies other than the U.S. dollar. In June of last year, Russian President Vladimir Putin announced<\/a> the creation of a new international reserve currency at the 14th BRICS Summit. Amid this news, tensions between Russia and China, and the United States continue to escalate.<\/p>\n

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\nTags in this story
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2023 Economy<\/a>, Andy Schectman<\/a>, asset prices<\/a>, asset prices collapse<\/a>, BRICS Nations<\/a>, CBDC<\/a>, CBDC rollout<\/a>, CBDCs<\/a>, central bank digital currencies<\/a>, China<\/a>, collapse<\/a>, currencies<\/a>, de-dollarization<\/a>, economics<\/a>, Economy<\/a>, Finance<\/a>, Great Reset<\/a>, inflation<\/a>, interest rates<\/a>, international reserve currency<\/a>, Investments<\/a>, ITM Trading<\/a>, Kitco News<\/a>, Lynette Zang<\/a>, Michelle Makori<\/a>, Miles Franklin<\/a>, OIL<\/a>, Precious Metals<\/a>, Russia<\/a>, Saudi Arabia<\/a>, tension<\/a>, trading<\/a>, United States<\/a>, Vladimir Putin<\/a>, West<\/a><\/div>\n<\/div>\n

What are your thoughts on the potential impact of de-dollarization and the rise of CBDCs on the global economy? Share your opinions and insights in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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