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Elliott Schuchardt recently wrote a book called America’s Achilles Heel: How to Protect Your Family When America Loses the Reserve Currency. The book says that the dollar could lose much of its value, if China were to issue its own reserve currency later in the decade. Schuchardt argues that the United States will need to devalue the dollar to remain competitive as a nation.
Schuchardt recently announced that he is running for the Tennessee General Assembly in the August 2026 primary. We had the opportunity to sit down with him, and ask him a few questions. Here are his answers.
Why did you write your book?
I used to live in Western Pennsylvania. In the early 2000s, I would explore the ghost towns along the Ohio River. Some of these towns had lost 90% of their population. They still looked the way they were built, back in the 1920s. The factories and steel mills were gone. In some instances, they were replaced with shopping malls. I used to wonder how the United States could close its steel mills, and replace them with shopping malls selling imported goods. A nation that made less and less, was consuming a lot of imported goods.
When I started digging into the question, I realized that the U.S. dollar is being artificially sustained by the world’s use of the dollar as the primary reserve currency. This allows us to import, despite having a large trade deficit each year. For example, the oil market creates over $5 billion of artificial demand for the dollar every day. This creates a risk of a collapse in the value of the dollar. If the oil market were to sell oil in a currency other than the dollar, then the value of our currency would drop – and quickly. Given our dependence upon imported oil and goods, our country could be in a very dangerous situation.
How long did it take you to write the book?
I started worrying about the dollar in 2008, at the time of Global Financial Crisis. At that time, American leaders were moving large numbers of manufacturing jobs offshore. I started writing in earnest about two years ago. The project was harder than I expected. It’s kind of like rowing a boat across the Atlantic. You work hard all day long, and – at the end of the day – it seems like you have made no progress at all. You just have to have faith that you are going in the right direction.
Why are you running for office?
I am running to promote public awareness of the dangerous situation with the dollar. If the dollar were to fall 50%, the price of imported goods would double. This is a problem, because we import about 30% of the oil we consume. We are vulnerable in other areas, as well. Since 1980, the United States has become dependent upon imported computers, cell phones, clothing and car parts. We need to think through our supply chains, and make sure that they are sustainable. Our nation has little ability to produce rare earth elements. If China were to embargo these — as it has recently threatened to do — they could bring our defense production to its knees. George Washington would not be pleased by our present leaders. They have left us vulnerable to military and economic pressure.
What would you change in the Tennessee law?
I would encourage the state to adopt and emergency plan, if the price of gasoline were to double. I would also encourage the state to work with the federal government, to ensure that the Strategic Petroleum Reserve is filled. The reserve is presently half empty. We need other reforms in the Tennessee law. For example, the state needs an elected attorney general. At this time, the attorney general is appointed by state employees. This ensures that certain scandals never get investigated. An elected attorney general would provide for better government. Almost every state in the United States allows its people to elect the state attorney general. Tennessee needs to do the same.
What is your favorite book?
In high school, I read John Steinbeck’s The Grapes of Wrath. The book tells the story of the Joad family, as it flees the Dust Bowl in the 1930s. The book was eye-opening. People actually starved to death in the United States – within living memory. We have to remember these lessons, as a nation. We have to make sure we have factories in America, so that we can produce for ourselves. In a balance of payments crisis, goods won’t be coming in from overseas.
What is your favorite movie?
I like all the old classics – Star Wars, Indiana Jones, and The Godfather – Part II. I have recently become a fan of older, black-and-white films, from earlier in the 20th century. Our parents produced some pretty good cinema, that is definitely worth watching.
Anything in particular?
Sunset Boulevard, from 1950, is really good. Humphrey Bogart’s performance in the Caine Mutiny and Key Largo are worth watching. I am a big fan of Bogart. Alfred Hitchcock had some great stuff. The old version of Cape Fear, with Gregory Peck, is worth watching.
What do you like about living in eastern Tennessee?
Eastern Tennessee is quite amazing. We have the mountains and Pigeon Forge located close by. Knoxville has done a great job of rejuvenating its downtown. Market Square, Gay Street and the Old City are tremendous accomplishments that are quite interesting. We are lucky to have some beautiful architecture that has survived, and been repurposed in recent years.
What do you like best about the campaign?
This is my first election, so it’s been a steep learning curve. Fortunately, I enjoy meeting people. Over the last few months, I have met a large number of people in Knox County, Tennessee. This has been a lot of fun. Everyone has a different story, and I enjoy hearing them.
Tell us a little about yourself.
I enjoy learning. I recently took a class on how to be a home electrician. I was astonished at how complicated the industry is. All the mathematics and different types of wires! I have a great deal of respect for people who do this sort of thing for a living.
Describe yourself in three words.
Driven. Friendly. Curious.
If you could meet someone living or dead, who would it be and why?
I used to practice law with a lawyer named Robert Lampl. Robert was what we would call a “lawyer’s lawyer.” When the judges got into trouble, they would go to Robert for representation. That was an astonishing achievement on his part, showing how respected he was. Sadly, Robert passed away a few years ago. It would be great to chat with him again, and get his opinion on current events.
Any other goals?
I recently wrote a screenplay that portrays an 80% collapse in the value of the U.S. dollar. The film is intended to be a warning to the United States, like the films On the Beach, Dr. Strangelove and The Day After warned of the risks of nuclear war. The dangers are different today – but we still need to be prepared. I am reaching out to people in the entertainment community to get the film produced – hopefully in time to be effective.
Who has been the biggest influence on your life?
I am a fan of Earl Nightengale. He was a radio announcer in the early 1960s. For five minutes every day, Earl Nightengale would tell his listeners about “Our Changing World.” Nightengale encouraged continuous learning. He suggested having a shelf of books in your field. I have always thought that was a good idea.
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