Former President Donald Trump warned against the declining value and power of the American dollar in an interview on Thursday saying the dollar is "waning."
In an interview with Larry Kudlow, Trump discussed the decrease in value of the US dollar, not just its buying power in the US, but how it is declining as the world reserve currency.
"You want the dollar to remain the world's reserve currency?" Kudlow asked Trump.
"Well, I think it's bigger than losing any war," Trump said. "We are already reverting to third world status in many ways. You look at our airports, you look at our terminals, you look at our filthy roads... We're like a third world country."
Trump told Kudlow about the declining power and value of the US dollar on the world stage as a reserve currency for other nations such as China.
"We have something that's very powerful and that's our dollar," Trump said. "But you take a look at what's happening to it now with other countries not using it - and you know China wants to replace it with the yuan—and it was unthinkable with us."
Brazil's President Luiz Inacio Lula da Silva called for abandoning the dollar in spring earlier this year. Leaders of 10 southeast nations also called for similar measures in their own regions in May.
Other nations such as Russia and those in the European Union have taken similar steps towards what is called "dedollarisation," or rather moving away from the dollar as the dominant currency.
Since the abandonment of the Gold Standard when physical gold backed up every dollar, the full faith and credit of the United States has been what has backed the dollar since the 1970s when it came to an end.
With trust in the government of the United States and its economy on the decline, another currency may take its place around the world as the reserve currency.
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Comments
2023-08-18T14:52-0500 | Comment by: Dre
America's strength is in its dollar. If it stops being the reserve currency, they won't be able to print as much of it as they do and spend mercilessly. Austerity would be immediate and brutal.