However, the bill would not forbid Russians from holding offshore bank accounts denominated in dollars or buying goods priced in dollars online. While the bill acknowledges the weakness of the dollar, it’s also rather authoritarian: anyone caught holding dollars would have them seized and reimbursed in rubles… thirty days later. However, Degtyarev has proposed some wacky bills before, such as offering “menstruation leave” for women in the workplace. Those with dollar-denominated accounts would have to convert their accounts to other foreign currencies (his bill would not ban the euro, pound, yen, or renmibi). He submitted a bill to protect Russians against the “collapsing US debt pyramid”, saying growing rates of US debt would cause a US dollar collapse if spending isn’t remedied.ĭegtyarev’s bill would ban US dollars from circulating in Russia and forbid private citizens from holding Russian bank accounts in US dollars. Russian legislator Mikhail Degtyarev has likened the US dollar to a “ worldwide Ponzi scheme“… one he has claimed will end with the collapse of the dollar in 2017. One Russian lawmaker has proposed banning the US dollar, fearing its inevitable meltdown. He says that dollar-euro swaps from the Fed will make the next collapse much bigger than the last one. Of course, neither of those factors exist in the United States.Īmong Rickards’ chief reasons for predicting a dollar collapse: quantative easing, a “lousy business environment”, high taxes, and low growth. He says a fiat currency standard can work, but only if countries inject confidence into the system and welcome business with open arms. In his new book, Rickards suggests the dollar will see the worst of the next economic collapse as part of the “death of money”, lamenting that “we are on a global dollar standard”.
In fact, he says, we’ve seen three economic collapses in the last one hundred years. Federal Reserve insolvency will cause a 90% drop in the dollarįinancial expert and author of Currency Wars Jim Rickards believes the “international monetary system is headed for a collapse.” Rickards sets the record straight on what an “economic collapse” is, saying it doesn’t mean we all go live in caves. Jim Rickards says the US dollar collapse will be the chief outcome of the global currency wars. Berwick says the US is “turning a corner” and headed for total financial ruin as early as “this year”, and quotes Jim Rogers who says “there is no paper money in 20 that’s going to be worth much of anything.”īerwick often predicts the “end of the monetary system as we know it” and claims that, once all of the capital controls have been implemented and the US government starts confiscating assets to pay creditors like China, it will not even accept the tainted US dollar. He says what just happened in Ukraine could easily happen in the United States.Īnd while Ukraine saw their currency crisis coming for some time, the US dollar collapse could happen overnight, he says.
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He says the average American is in “la la land” obsessing over TV shows or the next Presidential race. Jeff Berwick, editor of The Dollar Vigilante, predicts that things will get so bad that even the American government will view their own dollar as toxic waste. Even the US government will stop using the dollar The US government will eventually stop accepting US dollars, Jeff Berwick predicts. At zero interest, he was losing tens of thousands of dollars in purchasing power every year due to inflation, while his well-connected bank benefitted. He claimed a dollar collapse is also underway because the Fed’s manipulations had two adverse effects on the currency: decreasing overall wealth by distorting markets, and redistributing wealth from unsophisticated investors to the political elite through the currency.īurnham said he couldn’t stand getting paid zero interest by Bank of America anymore, and didn’t trust them to keep his money safe. Harvard economist starts a “bank run” over dollar collapse fearsĬlassical economist and Harvard professor Terry Burnham told the world that he was withdrawing $1 million from his Bank of America checking account because of the negative consequences Ben Bernanke and Janet Yellen have had on the US dollar, and is trying to start a bank run by getting others to do the same. One economist called for a bank run over the weak dollar.
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