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EJ Antoni: The decline and fall of the U.S. dollar
By EJ Antoni
The Heritage Foundation, Washington
Thursday, July 13, 2023
The U.S. dollar's reserve currency status is one of America's greatest strengths, but President Joe Biden seems hellbent on toppling the dollar from its throne through both his domestic and foreign policy agenda.
Americans need to pay attention because we've seen this movie before, and it doesn't end well.
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In the late third and early fourth centuries, the Roman Emperor Diocletian debased Roman coinage to finance profligate government spending far in excess of collected taxes. The result was rampant inflation, a hidden tax by which the empire collected the additional revenue it needed while destroying the economy and leading to the abandonment of Roman coinage.
On inflation, Biden has followed in Diocletian's footsteps.
As Biden's government spent, borrowed, and printed trillions of dollars, inflation returned to levels not seen in 40 years with the currency becoming devalued.
Biden then took another page out of Diocletian's playbook and blamed everyone but himself for causing inflation: greedy businessmen, wars overseas, speculators at home, etc.
Biden's scapegoating is virtually identical to the words of Diocletian's infamous price-setting edict of 301 AD.
As in Roman times, foreigners today are reconsidering if the dollar is actually a good store of wealth after seeing the currency lose about 16% of its value since Biden took office. The debasement of Roman coinage under Diocletian led to its abandonment for use in trade. No foreigner would accept, let alone save, the worthless currency.
But Biden is compounding his inflationary domestic policy failures with foreign policy disasters. A key ingredient for a reserve currency is its apolitical nature. An international currency shouldn't lose its value as geopolitical winds change direction.
That was a tremendous advantage for gold in the past because a precious metal coin wouldn't lose value when the nation that struck the coin faced instability. It wasn't the image on the coin or the issuing authority that gave the currency value -- it was the physical content of the coin that people wanted. ...
... For the remainder of the commentary:
https://www.heritage.org/monetary-policy/commentary/the-decline-and-fall-the-us-dollar
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