Economist Jim Rickards: ‘Biden Is Now a World Historic Figure — He Has Destroyed the Dollar’

Jim Rickards, economist and best-selling author, has accused the Biden medication of destroying the U.S. dollar arsenic a reserve currency. Rickards stated that Biden is to blasted for the upcoming marginalization of the U.S. dollar astatine the hands of a BRICS bloc communal currency to beryllium projected connected August 22.

Jim Rickards States Biden ‘Destroyed the Dollar’

Best-selling writer and economist Jim Rickards has fixed his sentiment astir the Biden administration’s handling of U.S. monetary policy. Rickards, an concern adept with 35 years of experience, accused President Joe Biden of taking down the U.S. dollar arsenic a planetary reserve currency.

On societal media, Rickards stated:

Biden is present a satellite historical figure. He has destroyed the dollar, not an casual task.

The currency adept noted that 1 of the biggest rivals for the dollar is the commencement of a BRICS bloc-wide currency that could perchance nexus the economical transactions of Brazil, Russia, India, China, and South Africa (the BRICS bloc). Rickards stated that a gold-backed BRICS communal currency volition beryllium previewed connected August 22 and that it volition beryllium implemented successful stages.

Reports coming from the Russian embassy successful Kenya enactment this allegation. In contrast, Leslie Maasdorp, vice president and main fiscal serviceman of the New Development Bank, besides known arsenic the BRICS bank, precocious stated that determination was nary contiguous propulsion to make a communal currency, explaining that immoderate alternatives successful this country would beryllium portion of “a mean to semipermanent ambition.”

SCO and BRICS Merge

According to Rickards, BRICS and the Shanghai Cooperation Organization (SCO), 2 of the astir important economical blocs successful the world, volition merge into an unnamed practice group. Rickards believes the size of this caller enactment volition animate different countries to unite, consolidating an economical unity that volition wounded the presumption of the U.S. dollar arsenic a reserve and transactional currency.

However, Rickards maintains that the dollar volition proceed to beryllium utilized arsenic a second-hand currency, being “marginalized.” This is 1 of the scenarios that Rickards predicted successful his 2011 best-seller Currency Wars: The Making of the Next Global Crisis, wherever helium describes the emergence of a multicurrency satellite arsenic dollar dominance continues to fade.

Others person besides warned astir the demolition of the dollar and its value. Jim Rogers, an capitalist who predicted the 2008 fiscal situation successful 2002, precocious warned astir the effects of the demise of the U.S. dollar, stating that the state is “going to suffer” owed to ostentation and indebtedness problems.

What bash you deliberation astir Jim Rickard’s predictions connected the dollar’s future? Tell america successful the comments conception below.