Business News
“This is a trend that is just beginning. It almost as if the Fed wants this to happen,” says Andy Schectman, president and CEO of Miles Franklin Precious Metals. He believes that the Fed wants all the money to leave regional banks because, “they could just disallow the ability for the money market to park their money inside the overnight repo market.” He explains that when President Joe Biden nominated Jared Bernstein, who previously supported de-dollarization, it made the role of the U.S. dollar as world reserve currency vulnerable. Plus, he argues that instead of tackling the massive debt issue, the U.S. tends to find an unrelated “villain” to blame. “It’s almost as if you’re looking for a villain such as Putin, Xi Jinping, OPEC, and all the countries moving away from the dollar,” he exclaims. “But you have to give them reason to de-dollarize, to move away from the system because how do you pay this off? There’s no way out of this mess. It’s either inflation or default,” he concludes.
Credit CNBC Television
