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

Jim Rickards predicts that the Biden administration’s handling of U.S. monetary policy has led to the decline of the U.S. dollar as a global reserve currency. He believes that the dollar will be marginalized by the introduction of a BRICS bloc-wide currency, which is expected to be proposed on August 22. Rickards suggests that this new currency, backed by gold, will gradually replace the U.S. dollar in economic transactions among Brazil, Russia, India, China, and South Africa.

Reports from the Russian embassy in Kenya have supported the allegation of a gold-backed BRICS currency. However, Leslie Maasdorp, the vice president and CFO of the BRICS bank, has stated that there are no immediate plans to create a common currency and that such developments would be part of a long-term ambition.

Rickards predicts that the merger of BRICS and the Shanghai Cooperation Organization (SCO) will lead to the formation of an unnamed cooperative group, which will further inspire economic unity among other countries. As a result, the status of the U.S. dollar as a reserve and transactional currency will be weakened. However, Rickards believes that the dollar will still have a role as a secondary currency, albeit marginalized, as the world transitions towards a multicurrency system.

Yes, other experts, such as investor Jim Rogers, have warned about the potential decline and devaluation of the U.S. dollar. Rogers has highlighted issues of inflation and debt, suggesting that the United States will face significant challenges as a result of the dollar’s demise.

Jim Rickards’ predictions draw from his expertise as an economist and his analysis of global economic trends. He has written extensively on currency wars and the potential consequences of a shift away from the U.S. dollar as the dominant global reserve currency. His book, “Currency Wars: The Making of the Next Global Crisis,” published in 2011, discusses the rise of a multicurrency world and the fading dominance of the U.S. dollar.