{"id":16950,"date":"2023-08-18T04:14:50","date_gmt":"2023-08-18T09:14:50","guid":{"rendered":"https:\/\/ustower.net\/?p=16950"},"modified":"2023-08-18T04:14:55","modified_gmt":"2023-08-18T09:14:55","slug":"trump-issues-warning-on-dollar","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=16950","title":{"rendered":"Trump issues warning on dollar"},"content":{"rendered":"\n

Former US President Donald Trump warned that the dollar is poised to lose its status as world reserve currency \u2013 and with it the US\u2019 position atop the geopolitical totem pole \u2013 in an interview with Fox Business on Thursday.\u00a0
\u201cOur country is going to hell and we\u2019re not going to be the big boy,\u201d Trump claimed, arguing that \u201cWe have power, but it\u2019s waning. In fact, it\u2019s waning in terms of our currency.\u201d\u00a0
Should the dollar cease to be the world\u2019s reserve currency, \u201cit\u2019s bigger than losing any war,\u201d the Republican frontrunner continued. While\u00a0this would have been \u201cunthinkable\u201d under a Trump presidency, he said, \u201cnow people are thinking about it\u201d \u2013 particularly China \u2013 putting the US in danger of being dethroned as global hegemon.
This\u00a0is even more alarming given the current state of the US as a country, Trump said. \u201cWe are already reverting to third world status in many ways. You look at our airport, you look at our terminals, you look at our filthy roads and broken roads and everything else, we\u2019re like a third-world country.\u201d
He blamed the Biden administration for the nation\u2019s decline, suggesting his successor had triggered the current inflationary spiral with his moratorium on new drilling for oil. The US was just 18 months away from out-producing Russia and Saudi Arabia combined before Biden took over, Trump claimed, insisting, \u201cWe would have made so much money. We would have been paying off debt, we would have been doing things that nobody\u2019s ever seen this country do.\u201d\u00a0
No president has ever attempted to pay down the US\u2019 national debt, which currently stands at $32.6 trillion by the Treasury\u2019s own calculations \u2013 though some estimates suggest it may be several times that.
Trump himself added $6.7 trillion to that figure, putting him behind both Bushes and Barack Obama in terms of debt but ahead of Biden. However, the incumbent still has a year and a half to catch up, with theoretically bottomless spending programs like student loan forgiveness and the conflict in Ukraine.\u00a0
The apparent instability of the US economy \u2013 Washington\u2019s credit rating was recently downgraded by Fitch Ratings from AAA to AA+ for only the second time in history \u2013 and the growing number of countries that find themselves on the wrong end of US sanctions have contributed to an unprecedented level of interest in ditching the dollar as reserve currency.\u00a0
These sanctions have inspired the BRICS\u00a0nations to formulate an alternative to the US\u2019 SWIFT international bank transfer system \u2013 a necessary foundation for any move away from the dollar.
rt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former US President Donald Trump warned that the dollar is poised to lose its status as world reserve currency \u2013 and with it the US\u2019 position atop the geopolitical totem pole \u2013 in an interview with Fox Business on Thursday.\u00a0\u201cOur country is going to hell and we\u2019re not going to be the big boy,\u201d Trump […]<\/p>\n","protected":false},"author":6,"featured_media":16951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1154],"tags":[1955,1230,2229],"class_list":["post-16950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-dollar","tag-trump","tag-warning"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/16950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16950"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/16950\/revisions"}],"predecessor-version":[{"id":16952,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/16950\/revisions\/16952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/16951"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}