Beware Biden's Take-down of Our Reserve Currency

What’s the single most debilitating of Joe Biden’s betrayals of America? Candidates include: destroying our borders, eviscerating our energy security, feeding inflation and enabling “global governance.” 

 

A particularly insidious contender is the prospect that Team Biden will end the dollar’s status as the world’s reserve currency. Every American will suffer from, for example, its wonton printing of more greenbacks to pay for excessive government spending. 

 

Its proposed use of seized Russian financial assets or the interest they generate to pay for Ukraine’s defense further reduces confidence in holding dollars. And now the administration has allowed a fifty-year “petrodollar pact” with Saudi Arabia to expire, encouraging purchases of oil in Chinese and other currencies.  

 

There’s a race on to find gold-backed alternatives to the devaluing dollar. Our states could start minting them. If we don’t, it’s a matter of time until others do. 

 

This is Frank Gaffney.

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