BOB RUBIN: The Dollar Is In Trouble And The Stakes Couldn’t Be Any Higher
The Republican National Committee’s platform committee adopted a new GOP platform on Monday that promises to do the following if the Republicans win the House, the Senate and the White House: “KEEP THE U.S. DOLLAR AS THE WORLD’S RESERVECURRENCY.”
As someone who manages hundreds of millions of dollars all day long, I must say this is music to my ears and it should be to any and all Americans.
I say this because right now we are on the cusp of seeing the U.S. dollar cast to the sidelines and President Joe Biden and Democrats couldn’t care less! If the U.S. dollar no longer dominates on the world stage, we, the American people, are the ones who will feel this pain.
In recent months, a troubling trend has emerged on the global economic stage: Powerful nations like the Kingdom of Saudi Arabia, Brazil and China are actively sidelining the U.S. dollar in their international trade. This shift, which sees these economic powerhouses increasingly conducting business in other currencies marks a significant departure from the dollar’s long-standing dominance as the world’s reserve currency. (RELATED: Biden Has Used The Dollar As A Hammer — But Americans Might Be The Ones Who Get Hit)
We must confront the realities of this development and consider its profound implications for our nation’s economic stability and geopolitical influence.
For decades, the U.S. dollar has enjoyed unparalleled status as the currency of choice for international trade and finance. This dominance has afforded the United States significant economic advantages, including lower borrowing costs and the ability to run trade deficits without immediate consequences.
However, recent actions by Saudi Arabia, Brazil and........
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