‘China wants to back its currency with gold while the dollar is backed by nothing. That’s checkmate’ – Peter Schiff

In this episode of RT’s Sanchez Effect, Rick attempts to take care of your pocket. Joined by Peter Schiff, the chief economist and global strategist at Europac.com, they talk about the Chinese intent to oust the dollar as the reserve currency and set up the Yuan in this role. Mr. Schiff says Beijing has all the means to do it, as behind the Yuan are gold and other metals and there is nothing behind the dollar. Peter also says that the dollar can’t now offer stability as it did in the past amid the sanctions policy of the White House. Schiff also warns against buying digital currencies that are not backed by physical metals – ‘you hold only air’. If you want to improve your understanding of the global economy and gain some financial tips – watch it on RT International.