By SCM Correspondent
WASHINGTON -The United States is acting like the world owes it a living—when in reality, the “American Dream” is being bankrolled by everyone else.
That is the scathing verdict of Chief Economist Peter Schiff, who warns that the global tide is turning against the Greenback. In a fiery interview with RT’s Rick Sanchez, Schiff tore into the narrative that the world relies on American muscle, arguing instead that the U.S. economy is a “debt-fueled” house of cards kept upright only by the grace of foreign nations.
‘He’s Got It Backwards’
Schiff took direct aim at Donald Trump’s frequent claims that the global economy only functions because of U.S. leadership.
According to Schiff, the former President—and the American political establishment at large—has the reality of the situation completely flipped.
”Our consumer-based, debt-fueled economy only works because the rest of the world supplies us,” Schiff noted.
He argued that rather than the world being indebted to the U.S., it is the American consumer who is propped up by the production and credit of foreign powers.
The Great Dollar Dump
The real danger, Schiff warns, is “De-dollarization.” For decades, the U.S. Dollar has been the world’s undisputed reserve currency, but Washington’s habit of “weaponizing” sanctions has finally pushed its allies and adversaries to the breaking point.
Key takeaways from Schiff’s warning include:
Weaponized Finance: By using the dollar as a political tool, the U.S. has forced other nations to seek alternatives.
The Tipping Point: Schiff believes the U.S. has “pushed the world to a decision they should’ve made on their own” years ago.
Economic Collapse: If the world stops accepting the dollar as the primary medium of exchange, the U.S. economy faces a total systemic meltdown.
For years, Peter Schiff has been a “gold bug” and a vocal critic of the Federal Reserve’s monetary policy. His latest comments highlight a growing global trend:
The BRICS Surge: Countries like China, Russia, and India are actively developing new payment systems to bypass the dollar.
Mounting Debt: The U.S. national debt has rocketed past $34 trillion, leading many to question the long-term stability of American treasury bonds.
Inflation Sting: As the dollar loses its global dominance, the cost of imports for everyday Americans could skyrocket, leading to “hyper-inflationary” scenarios.
”The U.S. acts like the world owes it something, when it’s the other way around,” Schiff concluded.
The message is clear: The “free ride” for the American economy may finally be coming to an end, and the crash landing won’t be pretty.
