{"id":41568,"date":"2018-12-12T20:30:00","date_gmt":"2018-12-13T01:30:00","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41568"},"modified":"2018-12-12T20:30:00","modified_gmt":"2018-12-13T01:30:00","slug":"peter-schiff-the-american-standard-of-livingits-going-to-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41568","title":{"rendered":"Peter Schiff: \u201cThe American Standard Of Living\u2026It\u2019s Going To Collapse\u201d"},"content":{"rendered":"

Peter Schiff: \u201cThe American Standard Of Living\u2026It\u2019s Going To Collapse\u201d<\/a><\/h3>\n
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Market analyst and financial guru Peter Schiff says that the United States economy is headed for a disaster.\u00a0 In a recent interview, Schiff said that when the dollar goes away as a reserve currency, so will the American standard of living.<\/p>\n

Schiff says the U.S. is flexing more muscle than it has.\u00a0 After the arrest of Huawei chief financial officer,\u00a0Meng Wanzhou, a Chinese businessman who is accused of violating U.S. sanction laws, the Chinese are already planning economically destructive<\/a> ways to reduce the dollar\u2019s influence and power.<\/p>\n

\u201cThe dollar, having the reserve currency, that status is in jeopardy. And I don\u2019t think the world likes giving America this kind of power that we can impose our own rules and demand that the entire world live by it. So, I think this has a much bigger and broader ramifications other than what\u2019s going on in the stock market today. I think long-term, this is going to undermine the dollar and its role as a reserve currency. And when that goes, so does the American standard of living because it\u2019s going to collapse<\/strong>.\u201d \u2013Peter Schiff<\/em><\/a><\/p><\/blockquote>\n

Schiff added that he thinks China is in a much better position than many are willing to admit.<\/p>\n

\u201cPeople think we have the upper hand because we have this huge trade deficit with China. But I think it\u2019s the other way. I think the fact that they supply us with all this merchandise that our economy needs, and the fact that they hold a lot of our bonds and continue to lend us a lot of money so we can live beyond our means, they\u2019re the ones, I think, that call the tunes and we have to dance to it.\u201d\u00a0\u2013Peter Schiff<\/em><\/a><\/p><\/blockquote>\n