It is hard to cast America as a victim of the global financial system
dollar should be strong or weak is a vexing question for America’s economic nationalists. In his first term as president,often said that he wanted a weaker currency to make American-made goods cheaper overseas. But his tariffs and deficit-financed tax cuts contributed to a surge in the greenback’s value—and he also said that “ultimately” he wanted a strong currency. Today, with the dollar higher still, Mr Trump again says he wants a devaluation.
And his choice ofof America producing the world’s dominant currency. The greenback makes up 59% of the world’s central-bank reserves and is used to pay for half of its goods trade. The depth of America’s capital markets, its commitment to the rule of law and the low risk of a sovereign default make it a magnet for savings. American assets make up over a quarter of the stock of global portfolio investment, up from less than a fifth in the mid-2000s.
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