Economist Peter Schiff, famous for his dire economic forecasts that also lead him to hold on to gold, once again warned of the looming risks for the US economy in a recent interview with NTD News.
Commenting on Commerce Secretary Gina Raimondo’s recent statement that “decoupling (from China) is not part of our economic goals or national security goals,” Schiff asserted that the United States cannot “afford the costs of decoupling because we have to realize that China is our largest supplier.” “And our biggest banker.”
He added: “The Chinese lend us money to buy the products they produce that we cannot produce, and our entire standard of living depends on China’s support.”
The economist explained: “If we lose this support, everything will collapse.” We will lose, whether we like it or not. I also think that the Chinese realize that it is in their interest to push separation, and this is what is happening.”
He also touched on the issue of BRICS expansion and the possibilities of creating a common currency for the bloc in the future.
He said: “Look at what is happening with the BRICS countries. “They had a summit, they are growing, they are looking to get rid of the dollar, the praise of dependence on the US dollar and eventually eliminating it.” https://takadum-news.com/archives/182032