Peter Schiff: Russia Is Preparing for the End of Dollar as World’s Reserve Currency (VIDEO)

Moscow has been stocking up on gold for years for exactly the reason you think it has

“I think what Russia is doing and what other central banks are recognizing is that they need to increase their gold reserves because of the impending dollar crisis.”

“Up until now people have still perceived value in the dollar but I think that is going to change with the next reccesion when the Fed goes back to zero [interest rate] and when we launch QE4 I think the dollar’s role as a reserve currency is going to be questioned and the central banks need an alternative, and the only viable alternative to back up their own currency is real money which is gold.”

During the next recession the role of the dollar is going to be questioned


  1. David Bedford says

    Every war, every recession and depression is orchestrated and plan by the Federal reserve which is a private bank not a federal bank and it has no reserves (of gold) or at least very little at this stage which is why they see what China and Russia is doing as a threat

  2. Rowdy-Yates says

    Russia, China and some nations in Europe have set up alternatives to SWIFT (Society for Worldwide Interbank Financial Telecommunications)
    so that the dollar can be dumped.
    China has the CIPS (Cross border Inter bank Payments System)
    Europe set up INSTEX (Instrument in Support of Trade Exchanges) to trade with Iran and bypass US sanctions including the dollar
    Russia set up the SPFS (System for Transfer of Financial Messages)

  3. Peter Duveen says

    Gold reserves are good if they can be readily converted into a form that will be accepted for transactions. In reality, a successful gold standard is merely one that assigns a unit of currency as a certain amount of gold or silver, and supports that standard in monetary transactions.

  4. JustPassingThrough says

    1. no one knows if ft. knox contains 7000 tons of gold or gold plated tungsten bars.
    2. the $$ is not backed by gold. see: “tricky” Dick Nixon.
    3. in order to back all the existing $$ with gold and assuming the u.s. has 7000 tons of it gold would have to go to > 10k$$/ounce.
    4. the price of gold doesn’t go up, the value of fiat currencies goes down.
    5. the writing is on the wall.

    1. thomas malthaus says

      From what I’ve read over time, US gold is largely not there. I suspect less than 50 tons belonging to Washington remains.

      They hold gold for other countries. Some of that has been sold off over time to maintain the gold suppression scheme, as has the US holdings.

      Analysts have tried to approximate a gold price based on one criteria or another. If we take the visible US sovereign debt load of $42 trillion, US unfunded liabilities, the derivatives exposure of banks and Wall Street investment firms, perhaps $ 2 quadrillion in total global debt exposure is more accurate.

      You can do they math, but when one considers more bailouts are ahead as well as a potential multi-trillion dollar infrastructure program, the price is off the charts.

      It’s been written that only a 3 percent participatory rate in precious metals stands between the calm and the storm.

      That same percentage may reflect those who’ve stockpiled food.

      1. JustPassingThrough says

        be well 👍🏿

        1. thomas malthaus says

          You as well.

        2. robertmb says

          If anyone still believes the US and the UK which hold other countries gold will return them, I have a tower in Paris I can sell them.

          1. David Bedford says

            The Bank of England stole Venezuela’s gold and they hold Australia’s gold which makes me very nervous

  5. JHK says

    Lets proxy attack the us financial system where it hurts them the most, deny all responsibility, and then laugh when they cry victim.

    Lets make total world wealth ownership in proportion to population size (even that would hurt them, ahaha).

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