The Failing US Dollar | Sean Spicer Confronts Meet Kevin

right since World War II the U.S dollar

has been the dominant International

Reserve currency and has been used as

the Benchmark for global trade but over

the past few months there's been an

increasing number of countries looking

for Alternatives Russia and China in

particular have been buddying up on many

fronts but they've also teamed up with

other nations like Brazil India and

South Africa and they're creating a

process for creating a currency last

month China and Latin America's largest

economy Brazil reached their own deal to

dump the dollar in transactions between

the two of them and will now trade in

their own currencies instead even Saudi

Arabia has said that it's open to the

idea of trading in currencies beside the

US dollars but why and what does that

mean for our economy and your wallet

let's ask business and Market analysts

says Denton and financial analyst and

YouTube Star Kevin pafrath

um Kevin I want to start with you I I've

not gotten more

text emails to my website to DM saying

what's going on here the the US Dollars

almost 60 percent of total foreign

reserves as compared to the euro I mean

what how big is this of a deal that the

U.S that they're considering a realistic

alternative to the US dollar as a

reserve currency

yeah absolutely look thank you so much

for having me first of all but we want

other countries using the dollar because

it makes it easy for us to raise more

debt and that's what we keep doing we

keep raising the debt limit if we can't

do that anymore we might have to start

cutting funding which maybe Congress

ought to do that but why is this

happening that's the big key the big key

as to why this is happening is we're

losing our standing in the world in the

Middle East the Americans have been

attacked 78 times since we left

Afghanistan we have responded to just

three of those attacks we are becoming

an embarrassment in the Middle East

Saudi Arabia doesn't trust us anymore so

now instead of relying on us they're

actually starting to partner with their

former enemy Iran and they're trading

the uh their oil with Iran in other

currencies that's what they're doing

with China with natural gas as well and

yes other countries are talking about

other currencies the grand scheme of

things the petrol dollar is about a four

trillion dollar market out of 12

compared to the international dollars

used so long term probably least

something that slowly is a slow candle

of an issue for right now yeah it's just

a sign that we're weakening

internationally when we can't stay on

this path right you know Seth Donald

Trump yesterday posted on on uh truth

social he said China's trying to

displace the U.S dollar as the number

one currency in the world so here's my

question I mean how realistic is it that

people would want to take go out of the

U.S and go over to a place like China

which I I mean I got to be honest with

you regardless of of how concerned you

might be about the US dollar and our

debt uh do you really want to be putting

your money in China's currency

no and these countries don't necessarily

either the this these are part of larger

trade deals this is expansion of China's

belt and Road initiative where they're

going into these specific countries and

doing infrastructure build outs but in

turn for doing that and growing their

trading partnership they have to switch

to the digital you want or they want and

that's what's going on here uh listen

China actually sets their currency rate

based on the U.S dollar and our fed

raising interest rates has hurt their

yuan in this past year so this is a long

way to go I think Kevin makes a great

point it's still 60 and you did two Sean

we're still 60 of global reserves this

is a long burn but we've got to start

looking at where we can make investment

because China's belt and Road initiative

that's a 100 year plan we won't be here

but our kids and grandkids might be and

we need to think about them

all right Kevin real quick how if for

the average investor for the average

American is this going to affect their

their well-being

eventually the dollar just like every

currency will become worthless we don't

know if that's in 10 years or 100 years

the best thing to do is own assets

stocks bonds gold real estate get out of

the dollar you make money invest it it

doesn't matter if your house is sold in

crypto in the future dollars or renmin B

Chinese currencies just get assets and

then forget the dollar

okay uh Seth real quick El Salvador went

to crypto seemed to be doing well is

that an option no stay away from the

Fool's Gold avoid crypto that's funny

money don't chase it

okay all right Seth Kevin appreciate the

uh the insight and advice good to hear

from you both

thanks Sean thank you you met all right

coming up legal embarrassment even