India, Dec. 27 -- Renowned economist Peter Schiff has sounded alarm bells, predicting an impending "historic economic collapse." Schiff's outlook for the US dollar is equally bleak, as he recently suggested that the world's primary reserve currency may be headed toward a loss of its hegemony and could be replaced by gold.

"King dollar's reign is coming to an end. Gold will take the throne as the primary central bank reserve asset. That means the U.S. dollar will crash against other fiat currencies, and America's free ride on the global gravy train will end. Prepare for a historic economic collapse," Schiff wrote on X on Friday.

According to Schiff, recent developments in the global economy, such as surging gold prices, central banks sel...