Peter St. Onge

So that I think made a big difference.

And of course, Trump being as aggressive as he is and putting everything on the table, he's not the one who sees the Russian dollars, but if you take the seizure under Biden, then you combine that with Trump's reputation, then I think that's another factor that's driving countries out of the dollar.

So in short, I think that as it's currently running, BRICS as a currency basket is not a threat.

The euro is not a threat.

The yen is not a threat.

Gold is, but there's a certain ceiling on gold.

So I think the biggest question there would be if somebody

you know, Russia, China, somebody else, if somebody does actually back their currency with gold and they do it with a large country, not Switzerland, that I think could be a serious problem.

Now, what if that happens?

Well, then foreigners start dumping their dollars, right?

So today, if you go to a country like Mexico, a rich Mexican, he'll have like a month or two worth of pesos, okay, to pay his mortgage and whatever.

groceries but most of his like to the extent that he's holding currencies those are going to be in dollars that's true in egypt is true in indonesia is true in china it's true all over the world because the dollar is seen as a safe haven now if if some other currency starts to steal that demand then all these foreigners are they're going to need those dollars anymore right they're going to prefer to hold whatever the other currency is that's backed with gold because it'd be stronger

it won't inflate away.

If that happens, then all those dollars are being dumped, right?

And there's something like two, there's roughly twice as many dollars in the world as there are in the US.

They don't exactly know how many dollars.

The Fed has tried many times to count it.

They have estimates, they have papers on this, but there's something like twice as many dollars as are needed.

So roughly what I think is about 20 trillion extra dollars lying around.

So foreigners no longer wanna hold those.