On this week's episode of The Crypto Mile, our host Brian McGleenon sits down with renowned gold bug Peter Schiff to discuss the possibility of the US dollar being knocked off its privileged perch as the world's reserve currency, and the unprecedented chances of green-back hyperinflation. In light of the debt ceiling being suspended until January 2025, Schiff warned that if the US continues its current path, hyperinflation is inevitable. To tackle the situation effectively, he argued for significant across-the-board spending cuts, including in defense. However, he said that this alone would not be enough to divert the possible calamity of a sovereign debt and currency crisis double whammy. Schiff believes debt restructuring needs to be addressed, with the US admitting to its creditors that it cannot repay all that it owes, arguing for a "haircut" for everyone, including owners of US Treasuries worldwide, as an alternative to runaway inflation. He highlighted a possible silver lining if the dollar was to crash, that emerging markets would benefit, claiming they have largely borne the burden of supporting the most traded currency on the planet.
Category
đź—ž
News