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: