Is this the end of the US dollar as the global reserve currency? | David McWilliams, Janne Teller
97David McWilliams, Janne Teller and Rana Mitter debate the ups and downs of having your currency be the global reserve currency, and predict the consequences of Trump's economic interventions.
Is Trump seeking to end the dollar's role as the global reserve currency? And if so, is he right to do so?
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Trump has said if the American dollar loses its global dominance, this would be "equivalent to losing a war." And yet, the future of the dollar now appears uncertain; America might indeed be losing. Central bank data shows nations, including China, have been buying gold in record numbers and have decreased the amount of dollars they hold by 7%, signalling a possible move away from the dollar as the global reserve currency. Meanwhile, American sanctions on Russia, intended to weaken the Russian economy, have resulted in cementing Russia's move away from the dollar and into China's yuan as its main foreign currency. All the while, the Russian economy appears to be doing well, with the IMF expecting it to grow 3.6% this year, and unemployment at record lows.
Is the reign of the dollar over, and if so, might this be a fatal blow to American economic dominance? Would it spell the end, also, of America's position as the leading global power, and increase military tensions across the world? Or is the dollar here to stay and reports of its decline exaggerated?
00:00 Introduction
00:30 David McWilliams
06:11 Janne Teller
#trump #dollar #usdollar #economics #usd #bigbeautifulbill #uspolitics
David McWilliams is a prominent Irish economist, author, broadcaster, and public intellectual. He has worked for the Irish Central Bank and famously predicted the 2008 financial crisis. He is also a columnist, author, festival organiser and podcaster. Janne Teller was formerly a UN macroeconomist specialising in developing economies. She has since become a bestselling author of novels, essays, and short stories. Hosted by Harvard's Rana Mitter.
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