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Back in 1965, Vaery Giscard d'Estaing, then France's finance minister, famously called the benefits the United States reaped from the dollar's role as the world's main reserve currency an "exorbitant privilege".A second advantage lies the business of banking: The U.S., and more precisely Wall Street, reaps significant income from selling banking services to the rest of the world.America's monetary stewardship has stumbled badly over the years, and Trump's misrule could hasten the end of the dollar's predominance.The 2008 financial crisis, which began on Wall Street and was quickly transmitted throughout the world as interbank liquidity dried up, again nudged the world away from the dollar and toward competing currencies.Just as Brexit is undermining the City of London, Trump's "America First" trade and financial policies will weaken the dollar's role and that of New York's role as the global financial hub.In the near future, Trump's profligate fiscal policies and reckless trade and sanctions policies will undermine America's economy and the role of the dollar in global finance.
Europe must oppose Trump
Crisis of Anglo-American democracy
U.S. sanctions and international law
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