Sanchez Effect | Peter Schiff: 'China wants to back currency with gold, dollar backed by nothing'

Mon, 02 Feb 2026 16:22:21 +0000

In this episode of RT’s ‘Sanchez Effect’, Rick attempts to take care of your pocket. Joined by Peter Schiff who is 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 its own Yuan for this role. Mr Schiff says Beijing has all the means to do it, as behind the Yuan you have 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. The Chief Economist also warns you from 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 cashback – watch it on RT International.