Peter Schiff, a well-known economist, has recently urged individuals to rid themselves of their U.S. dollars quickly due to mounting pressure on the currency. Countries such as Saudi Arabia and major Southeast Asian nations, otherwise known as ASEAN countries, are actively looking to reduce their reliance on the currency and the U.S. in favor of a more stable currency backed by gold or other international reserve currencies. In the Middle East, Turkey has already taken steps to support the move towards de-dollarization. Schiff has been warning people of the outcomes of this, portraying a bleak American economic future.

He further warned in a tweet that a devaluation of the U.S. dollar would be followed by an unprecedented economic disaster, bigger than the one experienced in 2008. In addition to this, he also wrote that while everybody would become an American millionaire once this occurred, the inflated cost of living would leave these "millionaires" no better than the global middle class.

These warnings should be taken seriously and seen as a call for people to utilize their money as soon as possible in order to best avoid any potential devaluation. The evidence suggests it would be sensible to speak with a financial advisor or economist to find safe havens for their money that are not dependent on the U.S. dollar or global markets. Individuals should also note that other countries may gain or leverage from this but it could be painful for individuals that are affected by it.



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