To Bring Back U.S. Manufacturing, Get the World to Dump the Dollar

Oct 08, 2018

Donald Trump promised to “make America great again,” but he might make America Great Britain. To re-industrialize the U.S. economy, President Trump must avoid the mistake that de-industrialized Britain: namely, he must end the dollar’s role as the world’s chief reserve currency.

A century ago when Britain began to lose its place as the world’s leading power, it was suffering economic maladies today’s Americans will find familiar: declining exports, large government deficits, and a huge amount of foreign debt. The British pound’s role as the world’s chief reserve currency was a major driver of this economic decline.

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