Heritage Foundation economist Peter St Onge explains what would happen to the U.S. if the dollar was no longer the world reserve currency on ‘Jesse Watters Primetime.’
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Heritage Foundation Economist and Substant columnist Peter Saint Ange Joins me now Peter explain this to me Like I'm 11 years old Why should I be worried Yeah well that was a great summary Jesse And you know really one of the driving Goals of our foreign policy for decades Now has been protecting the US dollar And at this point this Administration is Throwing that away and the reason that Matters for regular people not only does That erode our influence in the world uh It's bad for our economy it takes away Some of the advantages That we have uh but this is something Where if the abandonment of the dot of The dollar takes off You know for 80 years now we have Flooded the world with U.S dollars They've kept hold of them that's been Fantastic they give them useful things You know they give us toasters and cars And copper mines for those dollars now The problem is if we throw that away all Of those dollars come flooding back into America that means we have way too many Dollars we have a word for that which is Inflation so we could see enormous Inflation and that's at a time when our Banks are already wobbling so what can Joe Biden do about this right now Because it seems like the entire world Is conspiring against us and the dollar
Yeah there's two things one of them we Have been trying to get them to do for a Long time which is cut the spending you Know the inflation right now for the Past what year and a half Americans have Been suffering you know highest Inflation in 50 years because of all the Government spending forget raising uh You know interest rates forget all these Shenanigans with the banks cut the Spending number two is we need to learn To mind our own business other countries Have their way of doing things if we go In there and we start dictating social Policy uh they they start to get scared And you know what happened after uh Russia went into Ukraine is we seized The assets of the Russian Central Bank Those were the the dollars that they Were holding we did not even do that During the Soviet Union we had you know Proxy wars going on all over the world And we didn't even do that this Administration is just absolutely Reckless that sends a message to every Country in the world that if you get on The wrong side part of our LGBT policies Who knows you guys might be next so We're Printing and spending too much and We're starting Wars all over the place And that's basically the chickens are Going to come home to roost That is the fear and you know there are Trillions upon trillions of dollars that
Foreigners are holding on to you know if You're a rich Mexican you don't trust Your currency I understand why you're Not keeping your life savings in Mexican Pesos are you just keeping it off for a Couple months no your life savings are In dollars today But if that goes under threat if Countries start getting rid of dollars Japanese Banks all you know start Selling off the dollars because we're Losing value that could turn into a Flood all of that money they sell it Where does it go it's got nowhere else To go it comes back to America what does That mean it means your dollar would Massively erode we're talking much more Uh than even what happened in the 1970s Certainly a lot more than what happened Over the past year okay well that gives Me something to chew on thank you very Much there you go always something to Look forward to all right we appreciate Your analysis again thank you Jesse hey Sean Hannity here hey click here to Subscribe to Fox News YouTube page and Catch our hottest interviews and most Compelling analysis you will not get it Anywhere else
