Economist Warns of ‘Catastrophic’ Fall in American Living Standard — Elon Musk Weighs in on De-Dollarization, US Dollar Weaponization

Economist Peter St Onge has warned that U.S. dollar weaponization will lead to “soaring inflation, a catastrophic fallen American standard of living, and a U.S. that falls off the world stage.” Commenting on the economist’s warnings, Tesla and Twitter CEO Elon Musk weighed in on de-dollarization.

De-Dollarization Happening Faster Than People Realize, Says Economist

Economist Peter St Onge warned about the dire consequences of weaponizing the U.S. dollar in a video he posted on Twitter Monday. St Onge is a Research Fellow and the Mark A. Kolokotrones Fellow in Economic Freedom at the Heritage Foundation. Before joining the Heritage Foundation, he was a Fellow at the Mises Institute, a Senior Fellow at the Montreal Economic Institute, and an Assistant Professor of International Trade and of Marketing at Taiwan’s Feng Chia University.

Citing a former Morgan Stanley analyst, Stephen Jen, stating that the U.S. dollar has already suffered a “stunning collapse” and is losing its reserve currency status at an “alarming pace,” St Onge stressed:

De-dollarization is happening faster than people realize.

“The dollar share went from 73% in 2001 to 55% in 2021, at which point it fell off a cliff, losing market share 10 times faster,” the economist detailed. “The dollar plunged 8 percentage points in share in a single year to just 47% so we lost about double the entire share of the Chinese yuan. And at that pace, the U.S. dollar would be eclipsed in about 6 years.”…….more here

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