Last week, we reported Yale economist Stephen Roach's warning that "the era of the US dollar's 'exorbitant privilege' as the world's primary reserve currency is coming to an end."

Roach isn't the only person in the mainstream sounding the alarm about the dollar's demise.  In a note published last week, Guggenheim Investments Chief Investment Officer Scott Minerd said that while "there are no signs the world is questioning the value of the US dollar" right now, it's clear that the greenback is  "slowly losing market share as the world's reserve currency."

And he said buying gold is the key to offsetting the dollar's decline.

With the Fed going all-in on financing the government deficit, the US dollar could be at risk to negative speculation of its status as the dominant global reserve currency. Investing in gold may help offset this trend."

Even before the coronavirus pandemic, Peter Shiff was warning about a looming dollar crisis. During an interview on RT last September, he warned that America's "fiscal profligacy" was going to sink the dollar.

What has enabled this over the years has been the world's willingness to hold US dollars as the primary reserve currency and to continue to loan money to Americans and to the US government so we can continue to live beyond our means. We can have enormous government programs that we don't pay for and we can consume all kinds of goods that we don't manufacture, and we can live in an economy based on consumption and debt without having to save or produce. The world has done that for us. And I think this is what's going to come to an end. I think we're going to see a collapse in the value of the dollar, and when the dollar does collapse, America's power is going to dissipate. And Americans are going to have to deal with the reality that we've hollowed out our infrastructure; we've been living beyond our means. And there's going to be a day of reckoning for these years of excesses."

The unprecedented Federal Reserve money printing and the massive borrowing and spending binge by the US government in response to coronavirus put the process into hyperdrive. In March, Peter said during his podcast, "I think we're very, very close to a major collapse of the dollar, a major breakout in the price of gold, to a breakdown in the bond market."

Minerd said he doesn't think the Fed is anywhere near finished with its stimulus response to the coronavirus pandemic. Despite some signs that the economy is reviving, he projects a protracted economic downturn.