05-05-2025
The Price Of Trump's Bullying: A Retaliatory Attack On The Greenback?
POTUS Donald Trump may have pressed the pause button on the implementation of a cataclysmic, sledgehammer tariff hike against most countries of the world—except China—in the name of discouraging imports and 'Making America Great Again" (MAGA). However, this should not be misconstrued as him smoking the peace pipe with them. His bullying and stomping tactics in geopolitics, as well as global trade, are likely to continue for the duration of his term. Other nations, too, are unlikely to take it lying down. The riposte may take several forms, including a potentially deadly strike against the greenback.
The first such attempt to dethrone the US dollar as the world's sole international reference currency came in 1973, at the height of the first oil shock, when the Eurodollar and petrodollar blocs joined hands to dump millions of tranches of 35-dollar claims on the US government—each tranche demanding an ounce of gold in return.
