Felix Zulauf on weaponizing the US dollar in response to Russia's invasion of Ukraine

[T]he Biden administration has made many blunders, but that was the biggest by far, weaponizing the U.S. dollar at the SWIFT payment system because that taught the world that is not as close and friendly to the U.S. as some others, that we should not hold our reserves in the U.S. dollar.  Therefore, the U.S. dollar's role as the major reserve currency is beginning to decline.  I think that China cannot store its reserves in U.S. treasuries any longer.  And I think they know that as well as I do.  And therefore I believe that in the current cycle you will see that there will be a shift, once the U.S. dollar has topped...  Those countries will put their reserves into stuff, into hard assets, that they can store within their own national boundaries.  And nobody can freeze those assets...  I think this was so dumb, so stupid, by the U.S. government, it's unbelievable.  They basically terminated the dollar system.

~ Felix Zulauf, interview with Adam Taggart, Essential Investing, 10:05 mark, December 27, 2022