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(LifeSiteNews) — A former assistant secretary of the U.S. Department of the Treasury has sounded an alarm warning that should Saudi Aribia begin trading oil in currencies other than the U.S. dollar, the results would include a “complete implosion” of the American and global economic system, “raging inflation,” the “end of the U.S. dollar,” and “the loss of your individual economic freedom.”

“They’re setting it up so that they can then come to the rescue by introducing central bank digital currencies,” said Monica Crowley, who served during the Trump administration. Such a development would mean “the government will have total access and control of everything you buy and sell and the ability to turn it off like that,” she said, snapping her fingers.

Introducing the interview topic on the Fox and Friends Weekend show, Fox News host Will Cain reviewed the strengthening partnership between Russia and China, with the former committing to make more international transactions in the Chinese yuan instead of the U.S. dollar, which has been the world’s reserve currency for many decades.

In addition, China is recognized as helping to successfully broker a peace agreement between Iran and Saudi Arabia earlier this month, which one commentator called a “diplomatic master stroke that contrasts the U.S. as a warmaker with China as a peacemaker.”

With this strengthened relationship with China, Cain explained how Iran and Saudi Arabia were also considering joining the BRICS economic alliance with Brazil, Russia, India, China and South Africa.

“What happens if these emerging economies move away from the U.S. dollar towards the Chinese yuan?” Cain asked Crowley.

“It’s really hard to overstate exactly how catastrophic the abandonment of the U.S. dollar would be as the world’s global reserve currency,” the former Trump official stated.

Since the U.S. dollar is not backed up by any hard asset such as gold anymore, its strength lies in the “economic power of the United States, and the fact that oil has always been traded in dollars. If that were to end, that would mean the end of the U.S. dollar,” she said.

A former Fox News contributor herself, Crowley explained how U.S. government officials have abused the privilege of having the world’s reserve currency with “wholly reckless monetary and fiscal policy … printing money like crazy” especially in “the last couple of years, which has really devalued the dollar.”

“On top of that now, you do have this perfect storm of Biden’s weakness, his war on American domestic energy production, the Ukraine war, and as you point out, because of all of these things, we’ve got America’s enemies led by China forming a new economic bloc,” she explained.

At this point, “if Saudi Arabia decides to join with America’s enemies here and start trading oil in different currencies, that is going to undermine the entire global economic system,” she said, indicating that this would most drastically impact the American economy.

“If that were to happen, you’d be looking at sky-high inflation just raging Weimar Republic kind of inflation. If you think inflation is bad now, just wait. But more importantly, we would lose our economic dominance and we would lose our superpower status,” she said.

The dominance of the U.S. economic system and its influence on trade has impacted the lives of Americans by keeping prices low, Crowley explained. “So, whether it’s energy prices, whether it’s your food prices, the entire global economic system is reliant on this safe and secure dollar.”

Thus, if the “linchpin” of oil sales in dollars is removed, this will mean “raging inflation so much worse than anything we have ever experienced” in the United States.

“And I’ll tell you, they’re setting it up so that they can then come to the rescue by introducing central bank digital currencies. If they were to do that, and the United States already has a pilot program, that means the loss of your individual economic freedom, because the government will have total access and control of everything you buy and sell and the ability to [instantaneously] turn it off.”


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