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Trump vs. the Dollar

Trump vs. the Dollar

For decades now, America has dominated the global financial system. Our currency is the currency that international trade runs on. Our financial plumbing is the plumbing that basically everybody, to some degree or another, uses. This has been called our “exorbitant privilege.” Because of it, our borrowing costs are lower. Because of it, we know things about the global economy nobody else knows, and have access to information nobody else has access to. We can wrap sanctions around our enemies in a way no one else can. The worry for a long time has been that the world will slip out of this system.

New York Times (Opinion)     May 02, 2025