As foreign nations lose faith in US Treasuries and turn to gold, the dollar's century-long run as fiat money is facing growing skepticism at home and abroad.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

The most important component of social and political reform is for the general population to know what is actually happening and to see through government propaganda and its extreme nationalistic patriotism. Opinion polling finds an all-time low for trusting the US government—less than 20 percent, compared to nearly 80 percent during the gold standard.

This eye opening could be the single greatest contribution of President Donald Trump. He entered the presidency on a campaign of draining the swamp and fighting the deep state. He talked a good game but ultimately lost to those foes, the media, the courts, and the ballot box.

He reclaimed the crown but, after an encouraging flourish, it soon became apparent that he was ruling from a false pulpit. He was captured by a small sliver of American society that includes his Zionist donors, the military-industrial complex, the Israeli lobby, the deep state, and the neocon chorus. He failed to have the Epstein files released and even suppressed their release. The fact that there has been no serious government investigation into the assassination of Charlie Kirk—a vocal opponent of US military involvement in Israel's affairs—confirms the corruption of our politicians, in a very sinister manner, for all to see.

In very recent polling regarding American views of President Trump, the Reuters/Ipsos Poll hit a career-low approval of just 32 percent, while the AP-NORC Poll found his approval at a record-low of just 31 percent. President Trump disagrees that he will drag down the Republicans in the midterm election stating that, "I'm doing great," and he tells voters to just "pretend I am on the ballot," and that "the $5,000 dividend checks for every American adult" will carry the day.

Increasingly, Americans and people around the world see the American government as a bankrupt, despotic empire headed in the wrong direction. Globally, positive perceptions of America are cratering on a long downward trend. Another recent poll finds the US near the bottom, below Russia, and only noticeably above the bottom of the list of Afghanistan and North Korea, with Israel at the very bottom of the poll.

Most obviously, the world sees the US government hopelessly in debt. American politicians are not even discussing the issue and are certainly not debating ways of addressing the problem. They are only finding new ways of spending even more money and going deeper into debt. America is bankrupt in the eyes of the world.