Economist Lynette Zang issued a stark warning about the future of the U.S. dollar and global monetary stability, pointing to the implications of President Donald Trump's “Genius Act” and the rapid rise of stablecoins.
Stablecoins Will Usher In ‘Hyperinflation’
In an interview with Kitco News this week, Zang said, “When President Trump signed the Genius Act, he changed the global monetary system,” adding that she has no doubt that stable coins will usher in “hyperinflation that we need to do the ultimate shift into the new system.”
Zang, who has studied monetary cycles for decades, said the shift is already underway. “That's happened already. So I'm really nervous about that.”
See Also: Get Ready For The Stablecoin Singularity
She added that Americans are largely unaware of the transformation taking place, in part because of what she described as increasing manipulation of official data. “We are flying absolutely blind. You don't like what the report comes out? Well, let's just fire someone cause it's their fault,” she said, referring to Trump’s firing of former Bureau of Labor Statistics chief Erika McEntarfer.
Zang warned that the current system is approaching its end, saying that “these are all indications that we are at the end of this experiment. And frankly, it should be obvious to everybody that we are shifting into a new system.”
Crypto’s ‘Unbelievable’ Run Is ‘Very Concerning’
This week, billionaire hedge fund manager and founder of Citadel Securities, Kenneth Griffin, expressed concerns regarding soaring gold prices and the “unbelievable” run in cryptocurrencies in recent months.
Griffin notes that the reason behind this is the sharp decline in the U.S. Dollar during the first six months of this year, which he noted was the “single biggest decline” in the currency in 50 years.
“We're seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize or derisk their portfolios vis-a-vis US sovereign risk,” he said, adding that this development was “very concerning.”
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