Imagine if he wanted to lol
From 2017 to 2021, he increased the M2 by 45%, from $13T to $19T. Let's see if he can double that goal this term. If I'm not mistaken, he already told the Fed to lower interest rates; soon they'll turn on the printing press.
Yep, and what happens when the USD is no longer the reserve currency? Hyperinflation. No country would willingly, intentionally give up reserve currency status
Not mismanagement. Trump knows exactly what he’s doing. Having the global reserve currency has its pros and cons. The US is getting out ahead of things by devaluing the dollar on their terms.
What would you say the worst con of maintaining reserve currency status is? If there are cons do you have concerns about btc becoming the reserve currency?
Look into Triffins Dilemma to answer the question. The extreme US trade deficit and hollowing out of the US manufacturing base (middle class) was the cost. BTC doesn’t have such concerns.
The Triffin dilemma related to the dollar-gold redeemability issue. This did come true when Europe tried to bankrupt the US, but the US had already planned for this and wanted an external trigger to "temporarily" move to fiat (forever).
You don't have to run a goods trade deficit to supply the global financial system, you can just print USD and then buy foreign currency. The US hates being the reserve currency so much that they couped Libya and Iraq when they tried to sell oil for gold.
Manufacturing was also gutted in Australia (and many other countries) because it is cheaper to manufacture in poorer countries with less regulation, we don't have the reserve currency holding our economy back. You could not devalue the USD enough to compete with Bangladesh on t-shirt manufacturing.
The US is not trying to bring back t-shirt manufacturing. That part of your reply is spot on. Triffins Dilemma is part of the issue, but so is the mountain of debt the US is currently trying to service (not unique to US).
Trump and Company are going to continue devaluing the dollar to make servicing the debt more manageable.
They know exactly what they are doing. It is not incompetence as you insinuated.
